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EUR/USD Technical Analysis: Resistance Now Above 1.12

EUR/USD Technical Analysis: Resistance Now Above 1.12

2015-06-03 02:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1005, 1.0818, 1.0692
  • Resistance:1.1202, 1.1320, 1.1439

The Euro advanced against the US Dollar as expected after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1202, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 1.1320. Alternatively, a reversal below the 1.1005-1.1055 area (horizontal pivot, 23.6% Fib) 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 the advance 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: Resistance Now Above 1.12

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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