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EUR/USD Technical Analysis: Resistance Now Above 1.12

EUR/USD Technical Analysis: Resistance Now Above 1.12

2015-04-30 02:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1040, 1.0712, 1.0461
  • Resistance:1.1266, 1.1515, 1.1764

The Euro continues to push higher against the US Dollar having reversed as expected after showing a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1266, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.1515. Alternatively, a move back below the 1.0959-1.1040 area (23.6% Fib, March 18 high) clears the way for a test of the March 31 low at 1.0712.

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!

EUR/USD Technical Analysis: Resistance Now Above 1.12

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.

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