EUR/USD Technical Analysis: Gains Still Capped Above 1.10
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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 pulled back after testing above the 1.10 figure, snapping a three-day winning streak against the US Dollar. Near-term support is at 1.0868, the 38.2%Fibonacci retracement, with a break below that on a daily closing basis exposing the March 31 low at 1.0712. Alternatively, a push above the 1.0995-1.1040 area (50% level, March 18 high) clears the way for a test of the 61.8% Fib at 1.1122.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.