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EUR/USD Technical Analysis: Pullback Pauses at Trend Line

EUR/USD Technical Analysis: Pullback Pauses at Trend Line

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0832, 1.0456, 1.0244
  • Resistance:1.1051, 1.1263, 1.1513

The Euro rose as expected against US Dollar after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.1051, the March 26 high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.1263. Alternatively, a push below trend line resistance-turned-support at 1.0832 clears the way for a test of the 1.0456-1.0552 area (March 16 low, the 23.6% Fib expansion).

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.

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Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.