EUR/USD Technical Analysis: Eyeing Resistance Above 1.14
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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 continues to push upward, issuing the strongest close in three months against the US Dollar. A daily close above the 38.2% Fibonacci expansionat 1.1463 exposes the 50% level at 1.1565. Alternatively, a turn below the 23.6% Fib at 1.1335 opens the door for a challenge of the 14.6% expansion at 1.1257.
The absence of a defined bearish reversal signal suggests that taking up the short sidein line with our long-term outlookis premature. With that in mind, we will continue to stand aside until a more actionable opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com