Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/USD Technical Analysis: Further Euro Gains Expected

EUR/USD Technical Analysis: Further Euro Gains Expected

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1444, 1.1275, 1.1096
  • Resistance:1.1659, 1.1832, 1.2006

The Euro turned higher against the US Dollar as expected after putting in a bullish Morning Star candlestick pattern. A daily close the 38.2% Fibonacci retracement at 1.1659 exposes the 50% level at 1.1832. Alternatively, a reversal below the 23.6% Fib at 1444 opens the door for a challenge of falling trend line resistance-turned-support at 1.1275.

Our fundamental outlook calls for broad-based Euro weakness as the ECB introduces aggressive stimulus expansion. With that in mind, we will treat any on-coming gains as an opportunity to enter short rather than a long trade setup. In the meantime, we remain flat.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES