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EUR/USD Technical Analysis: Ready to Resume Down Trend?

EUR/USD Technical Analysis: Ready to Resume Down Trend?

2015-05-12 06:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1040, 1.0955, 1.0852
  • Resistance:1.1185, 1.1263, 1.1359

The Euro may be readying to resume its down trend against the US Dollar following the formation of a bearish Three Inside Down candlestick pattern. Near-term support is in the 1.1040-96 area, with a break below that on a daily closing basis exposing the 50% Fibonacci retracement at 1.0955. Alternatively, a reversal above the 23.6% level at 1.1185 clears the way for a test of the 14.6% retracement at 1.1263.

The available trading range is too narrow to justify entering short in line with our long-term outlook.With that in mind, we will remain on the sidelines for the time being and wait for a more actionable trading opportunity to present itself.

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EUR/USD Technical Analysis: Ready to Resume Down Trend?

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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