EUR/USD Technical Analysis: Aiming to Retest 1-Week Low
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- EUR/USD Technical Strategy: Flat
- Support: 1.0712, 1.0640, 1.0513
- Resistance:1.0868, 1.1040, 1.1122
The Euro looks poised to continue lower against the US Dollar after prices put in a bearish Dark Cloud Cover candlestick pattern. 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 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