EUR/USD Technical Analysis: Support Sub-1.05 in Focus
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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 declined for a sixth consecutive day against the US Dollar, with prices aiming to challenge February’s swing bottom. Near-term support is in the 1.0456-1.0513 area (March 16 low, 50% Fibonacci expansion), with a break below that on a daily closing basis exposing the 61.8% level at 1.0386. Alternatively, a turn above the 38.2% expansion at 1.0640 clears the way for a test of support-turned-resistance at 1.0712, the March 31 low.
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