EUR/USD Technical Analysis: Euro Sinks to 3-Week Low
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- EUR/USD Technical Strategy: Flat
- Support: 1.0640, 1.0456, 1.0386
- Resistance:1.0868, 1.1040, 1.1122
The Euro accelerated lower against the US Dollar after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 1.0640, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 1.0456-1.0513 area (March 16 low, 50% level). Alternatively, a turn back above 1.0868 (38.2% Fib retracement, trend line support-turned-resistance) clears the way for a test of the 1.0995-1.1040 zone (50% threshold, March 18 high)
Prices are too close to support to justify entering shortin line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now and wait for an actionable opportunity to present 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.