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EUR/USD Technical Analysis: Short Trade Setup Sought

EUR/USD Technical Analysis: Short Trade Setup Sought

2015-06-02 03:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

Ourlong-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.

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

EUR/USD Technical Analysis: Short Trade Setup Sought

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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