EUR/USD Technical Analysis: Euro Recovery in the Cards?
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/USD Technical Strategy: Flat
- Support: 1.0461, 1.0246, 0.9997
- Resistance:1.0712, 1.0955, 1.1040
The Euro may be readying to turn higher against the US Dollar after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 1.0712, the March 31 low, with a break above that on a daily closing basis exposing a recently broken rising trend line at 1.0955. Alternatively, a reversal below the 1.0456-1.0554 area (March 16 low, 50% Fibonacci expansion) clears the way for a test of the 38.2% level at 1.0246.
We see the Euro trend as broadly bearish, in line with our long-term outlook. As such, we will approach on-coming gains as corrective in the context of a larger structural decline and position for opportunities to enter short after the move higher is exhausted. In the meantime, we remain flat.
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