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EUR/USD Technical Analysis: Euro Downtrend Resuming?

EUR/USD Technical Analysis: Euro Downtrend Resuming?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0807, 1.0712, 1.0640
  • Resistance:1.1040, 1.1122, 1.1279

The Euro put in a bearish Dark Cloud Cover candlestick pattern, hinting the down trend against the US Dollar may be about to resume. A daily close below trend line support at 1.0807 exposes 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’ proximity to support argues against entering short in line with our long-term outlook from a risk/reward perspective. Furthermore, the upcoming release of minutes from the March FOMC meeting represents pivotal event risk that may materially alter positioning. With that in mind, we will remain flat.

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

EUR/USD Technical Analysis: Euro Downtrend Resuming?

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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