EUR/USD Technical Analysis: Resistance Now Above 1.12
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- 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.
Our long-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.
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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.