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EUR/USD Technical Analysis: Aiming Below 1.07 Figure

EUR/USD Technical Analysis: Aiming Below 1.07 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0640, 1.0456, 1.0386
  • Resistance:1.0797, 1.0894, 1.1051

The Euro is aiming at support below the 1.07 figure against the US Dollar after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.0640, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 1.0456-1.0513 area (50% level, March 16 low). Alternatively, a reversal above the 23.6% Fib at 1.0797 clears the way for a test of the 14.6% expansion at 1.0894.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Aiming Below 1.07 Figure

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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