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EUR/USD Technical Analysis: Support Now Below 1.08 Mark

EUR/USD Technical Analysis: Support Now Below 1.08 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0796, 1.0623, 1.0408
  • Resistance:1.0970, 1.1185, 1.1318

The Euro continues to face heavy selling pressure against the US Dollar, with sellers claiming a foothold below the 1.10 figure. A daily close below the 50% Fibonacci expansionat 1.0796 exposes the 61.8% level at 1.0623. Alternatively, a reversal above the 38.2% Fib at 1.0970 clears the way for a test of the 23.6% expansion at 1.1185.

Risk/reward considerations argue against entering short in line with our long-term outlookwith prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, 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: Support Now Below 1.08 Mark

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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