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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 outlook from 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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
