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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 outlook from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
