EUR/USD Technical Analysis: Short Trade Setup Sought
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- EUR/USD Technical Strategy: Flat
- Support: 1.0911, 1.0852, 1.0758
- Resistance:1.1005, 1.1065, 1.1142
The Euro may be preparing to turn higher against the US Dollar following the appearance of a bullish Morning Star candlestick pattern. A daily close above the May 29 high at 1.1005 exposes the 38.2% Fibonacci retracement at 1.1065. Alternatively, a turn below the 14.6% Fib expansion at 1.0911 opens the door for a challenge of the 23.6% level at 1.0852.
Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective and wait for the move higher to offer a selling opportunity. In the meantime, we will remain on the sidelines.
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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.