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EUR/USD Technical Analysis: Digesting Below 1.12 Threshold

EUR/USD Technical Analysis: Digesting Below 1.12 Threshold

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1185, 1.0970, 1.0796
  • Resistance:1.1318, 1.1533, 1.1659

The Euro is digesting losses after moving sharply lower to threaten the January swing low against the US Dollar. Near-term support is at 1.1185, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.0970. Alternatively, a turn above the 1.1276-1318 area (January 30 close, 14.6% Fib expansion) opens the door for a challenge of the February 3 high at 1.1533.

Prices are too close to support to justify entering short in line with our long-term outlook from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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.

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