EUR/USD Technical Analysis: Euro Sinks to 3-Week Low
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com