EUR/USD Technical Analysis: Euro Tests 3-Month High
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- EUR/USD Technical Strategy: Flat
- Support: 1.1335, 1.1257, 1.1130
- Resistance:1.1463, 1.1565, 1.1668
The Euro is testing the highest level in three months against the US Dollar, with prices now eyeing resistance above the 1.14 figure. Near-term resistance is at 1.1463, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.1565. Alternatively, a reversal below the 23.6% Fib at 1.1335 clears the way for a test of the 14.6% expansion at 1.1257.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side in line with our long-term outlookis premature. 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