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EUR/USD Technical Analysis: A Euro Top Taking Shape?

EUR/USD Technical Analysis: A Euro Top Taking Shape?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1040, 1.0955, 1.0852
  • Resistance:1.1257, 1.1335, 1.1463

The Euro may be carving out a top against the US Dollar after putting in a bearish Three Inside Down candlestick pattern. A daily close below the 1.1040-96 area exposes the 50% Fibonacci retracement at 1.0955. Alternatively, a turn above the 14.6% Fib expansion at 1.1257 opens the door for a challenge of the 23.6% level at 1.1335.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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EUR/USD Technical Analysis: A Euro Top Taking Shape?

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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