EUR/USD Technical Analysis: Floor Set Below 1.05 Level?
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- 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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com