Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/USD Technical Analysis: Support Now Below 1.05 Mark

EUR/USD Technical Analysis: Support Now Below 1.05 Mark

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0408, 1.0060, 0.9713
  • Resistance:1.0623, 1.0796, 1.0970

The Euro looks poised to descend below the 1.05 figure against the US Dollar having cleared yet another downside chart threshold. Near-term support is at 1.0408, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 1.0060. Alternatively, a turn above the 61.8% Fib at 1.0623 opens the door for a challenge of the 50% expansion at 1.0796.

While entering short in line with our long-term outlook seems compelling from a purely technical perspective, we will tactically opt pass for now. We already hold significant short-EUR exposure via EURJPY and EURGBP and as well as long-USD positions via AUDUSD and GBPUSD. With that in mind, we will stand aside to avoid over-committing to overlapping themes and wait for another opportunity down the road.

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.

DISCLOSURES