EUR/USD Technical Analysis: Still Unable to Find Direction
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- EUR/USD Technical Strategy: Flat
- Support: 1.1318, 1.1185, 1.0970
- Resistance:1.1533, 1.1659, 1.1832
The Euro is stalling after rising against the US Dollar as expected having produced a bullish Morning Star candlestick pattern. Near-term support is at 1.1318, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.1185. Alternatively, a push below the February 3 high at 1.1533 clears the way for a test of the 38.2% Fib retracement at 1.1659.
Prices are too close to support to justify entering shortin line with our fundamental outlookfrom a risk/reward perspective. With that in mind, we will remain on the sidelines and wait for a more actionable opportunity to present itself.
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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.