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EUR/USD Technical Analysis: Cautiously Trying to Recover

EUR/USD Technical Analysis: Cautiously Trying to Recover

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0965, 1.0818, 1.0691
  • Resistance:1.1055, 1.1202, 1.1320

The Euro edged higher against the US Dollar as expected after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1055, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.1202. Alternatively, a reversal below the 14.6% Fib at 1.0965 clears the way for a test of the May 27 low at 1.0818.

Ourlong-term Euro outlook favors weakness against the US Dollar. As such, we will treat any on-coming gains as corrective in the context of the structural, multi-year down move and look to enter short once an attractive opportunity presents itself. In the meantime, we remain flat.

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

EUR/USD Technical Analysis: Cautiously Trying to Recover

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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