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EUR/USD Technical Analysis: Euro Bottoming Above 1.04?

EUR/USD Technical Analysis: Euro Bottoming Above 1.04?

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Talking Points:

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

A Euro recovery against the US Dollar may be brewing as positive RSI divergence hints at ebbing downside momentum. Near-term resistance is at 1.0623, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.0796. Alternatively, a drop below the 76.4% Fib at 1.0408 opens the door for a challenge of the 100% expansion at 1.0060.

Our long-term outlook envisions Euro weakness. With that in mind, we will treat any on-coming upswing as corrective and look to enter short once signs of a renewed turn lower emerge. In the meantime, we will remain on the sidelines.

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.

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