EUR/USD Technical Analysis: Euro Trying to Secure Breakout
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- EUR/USD Technical Strategy: Flat
- Support: 1.0868, 1.0712, 1.0640
- Resistance:1.1040, 1.1122, 1.1279
The Euro advanced for three consecutive days, with prices positioned to challenge range resistance below 1.11 against the US Dollar anew. A daily close above the 1.0995-1.1040 area (50% Fibonacci retracement, March 18 high) exposes the 61.8% level at 1.1122. Alternatively, a turn below the 38.2% Fib at 1.0868 opens the door for a challenge of the March 31 low at 1.0712.
The available trading range is too narrow to justify entering a tradein line with our long-term outlook from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.