EUR/USD Technical Analysis: Recovery Stumbles Below 1.14
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- EUR/USD Technical Strategy: Flat
- Support: 1.1247, 1.1178, 1.1040
- Resistance:1.1359, 1.1450, 1.1541
The Euro stumbled after extending to the highest level in over two months just below the 1.14 figure against the US Dollar. A daily close below the 23.6% Fibonacci expansion at 1.1247 exposes the 14.6% level at 1.1178. Alternatively, a push above the 38.2% Fib at 1.1359 opens the door for a challenge of the 50% expansion at 1.1450.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a trade in line with our long-term outlook. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com