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EUR/USD Technical Analysis: Standstill Above 1.11 Continues

EUR/USD Technical Analysis: Standstill Above 1.11 Continues

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 continues to digest losses after issuing its largest daily decline in nearly a month against the US Dollar. A daily close below the 23.6% Fibonacci expansionat 1.1185 exposes the 38.2% level at 1.0970. Alternatively, a reversal above the 1.1276-1318 area (January 30 close, 14.6% Fib expansion) clears the way for a test of the February 3 high at 1.1533.

Risk/reward considerations argue against entering shortin line with our long-term outlook as prices sit squarely at support. We will remain on the sidelines for the time being, waiting for a more actionable opportunity to present itself.

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

EUR/USD Technical Analysis: Standstill Above 1.11 Continues

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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