EUR/USD Technical Analysis: Aiming to Sell on Rebound
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- EUR/USD Technical Strategy: Flat
- Support: 1.0408, 1.0060, 0.9713
- Resistance:1.0623, 1.0796, 1.0970
The Euro may be preparing to turn higher against the US Dollar after putting in a bullish Piercing Line candlestick pattern. A daily close above the 61.8% Fibonacci expansionat 1.0623 exposes the 50% level at 1.0796. Alternatively, a reversal below the 76.4% Fib at 1.0408 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