Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/USD Technical Analysis: Upside Momentum Ebbing?

EUR/USD Technical Analysis: Upside Momentum Ebbing?

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1335, 1.1257, 1.1130
  • Resistance:1.1463, 1.1565, 1.1668

The Euro advanced for a fourth consecutive day, hitting the highest level in over three months against the US Dollar. 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.

Negative RSI divergence hints at on-coming Euro weakness but a confirmed reversal signal is absent for, suggesting it is premature to enter shortin line with our long-term outlook. With that in mind, we will continue to stand aside until a more actionable opportunity presents itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

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.

DISCLOSURES