EUR/USD Technical Analysis: March Bottom Threatened
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- EUR/USD Technical Strategy: Flat
- Support: 1.0456, 1.0386, 1.0229
- Resistance:1.0640, 1.0868, 1.1040
The Euro continues to push lower against the US Dollar, with prices on pace to retest monthly lows below the 1.05 figure. A daily close below the 1.0456-1.0513 area (March 16 low, 50% Fibonacci expansion) exposes the 61.8% level at 1.0386. Alternatively, a move back above the 38.2% expansion at 1.0640 opens the door for a challenge of the 38.2% Fib retracement at 1.0868.
The available trading range is too narrow to justify entering a trade in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com