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EUR/USD Technical Analysis: Floor Set Below 1.05 Level?

EUR/USD Technical Analysis: Floor Set Below 1.05 Level?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0408, 1.0060, 0.9713
  • Resistance:1.0796, 1.0983, 1.1286

The Euro may turn be preparing to higher against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 1.0796 exposes the 23.6% level at 1.0983. Alternatively, a push below the 1.0408-93 area (March 12 low, 76.4% Fib expansion) clears the way for a test of the 100% expansion at 1.0060.

Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective, looking to enter short at a more attractive level rather than a seeing the move higher as a buying opportunity. In the meantime, we remain flat.

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

EUR/USD Technical Analysis: Floor Set Below 1.05 Level?

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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