EUR/USD Technical Analysis: Retesting Pivotal Trend Line
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- EUR/USD Technical Strategy: Flat
- Support: 1.0857, 1.0456, 1.0244
- Resistance:1.1051, 1.1263, 1.1513
The Euro rallied against the US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the march 26 high at 1.1051 exposes the 38.2% Fibonacci retracement at 1.1263. Alternatively, a move below trend line resistance-turned-support at 1.0857 clears the way for a test of the 1.0456-541 area (March 16 low, the 23.6% Fib expansion).
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.