EUR/USD Technical Analysis: Support at 1.08 in Focus
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- EUR/USD Technical Strategy: Flat
- Support: 1.0804, 1.0647, 1.0394
- Resistance:1.0930, 1.1056, 1.1213
The Euro declined against the US Dollar as expected after negative RSI divergence hinted at ebbing upside momentum. A daily close below the 61.8% Fibonacci expansion at 1.0804 exposes the 76.4% level at 1.0647. Alternatively, a turn above the 50% Fib at 1.0930 opens the door for a challenge of the 38.2% expansion at 1.1056.
Prices are wedged too closely between near-term support and resistance levels to justify taking a in line with our long-term outlook from a risk/reward perspective. 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.