To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.0934, 1.0808, 1.0653
- Resistance:1.1059, 1.1214, 1.1310
The Euro turned lower against the US Dollar as expected after negative RSI divergence pointed to fading upside momentum. Near-term support is at 1.0934, the 50% Fibonacci expansion, with a break below that exposing the 61.8% level at 1.0808. Alternatively, a reversal above the 38.2% Fib at 1.1059 clears the way for a test of the 23.6% expansion at 1.1214.
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.
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
