EUR/USD Technical Analysis: Rebound Rejected Above 1.10
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- EUR/USD Technical Strategy: Flat
- Support: 1.0456, 1.0233, 0.9984
- Resistance:1.0955, 1.1263, 1.1513
A Euro faltered following a test above the 1.10 figure having attempted to rebound against the US Dollar as expected. Near-term support is in the 1.0456-541 area (March 16 low, the 23.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 38.2% level at 1.0233. Alternatively, a push above 1.0955 (trend line, 23.6% Fib retracement) opens the door for a challenge of the 38.2% threshold at 1.1263.
Risk/reward considerations argue against entering shortin line with long-term outlook as prices hover in close proximity to support. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com