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EUR/USD Technical Analysis: Support Sub-1.11 Under Fire

EUR/USD Technical Analysis: Support Sub-1.11 Under Fire

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1059, 1.0934, 1.0808
  • Resistance:1.1214, 1.1310, 1.1466

The Euro declined against the US Dollar as expected after negative RSI divergence hinted at ebbing upside momentum. A daily close below the 38.2% Fibonacci expansion at 1.1059 exposes the 50% level at 1.0934. Alternatively, a turn above the 23.6% Fib at 1.1214 opens the door for a challenge of the 14.6% expansion at 1.1310.

Prices are too close to support to justify entering short in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

EUR/USD Technical Analysis: Support Sub-1.11 Under Fire

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.

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