EUR/USD Technical Analysis: Sellers Threaten 1.11 Mark
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- EUR/USD Technical Strategy: Flat
- Support: 1.1104, 1.0992, 1.0881
- Resistance:1.1242, 1.1327, 1.1466
The Euro turned lower against the US Dollar as expected, with sellers now threatening to push through the 1.11 figure. Near-term support is at 1.1104, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis targeting the 50% level at 1.0992. Alternatively, a move above the 23.6% Fib at 1.1242 clears the way for a test of the 14.6% expansion at 1.1327.
Risk/reward considerations argue against entering short in line with our long-term outlook with prices in close proximity to support. 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.