EUR/USD Technical Analysis: Sellers Overcome 1.10 Figure

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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.

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Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com