EUR/USD Technical Analysis: Aiming at Support Sub-1.07
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- EUR/USD Technical Strategy: Flat
- Support: 1.0623, 1.0408, 1.0060
- Resistance:1.0796, 1.0970, 1.1185
The Euro continues to face heavy selling pressure against the US Dollar, with sellers establishing a foothold below the 1.07 threshold. A daily close below the 61.8% Fibonacci expansionat 1.0623 exposes the 76.4% level at 1.0408. Alternatively, a reversal above the 50% Fib at 1.0796 clears the way for a test of the 38.2% expansion at 1.0970.
Risk/reward considerations argue against entering short in line with our long-term outlook with prices in close proximity to support. We will remain flat for now, waiting for a more attractive selling 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.