EUR/USD Technical Analysis: Resistance Below 1.10 in Focus
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- EUR/USD Technical Strategy: Flat
- Support: 1.0868, 1.0712, 1.0640
- Resistance:1.0995, 1.1122, 1.1279
The Euro launched a swift recovery after finding support above the 1.07 figure against the US Dollar. Near-term resistance is at 1.0995, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1.1122. Alternatively, a reversal below the 38.2% Fib at 1.0868 clears the way for a test of the March 31 low at 1.0712.
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.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com