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EUR/USD Technical Analysis: Resistance Above 1.13 at Risk

EUR/USD Technical Analysis: Resistance Above 1.13 at Risk

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1202, 1.1005, 1.0818
  • Resistance:1.1320, 1.1439, 1.1585

The Euro moved higher against the US Dollar as expected having produced a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1320, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1.1439. Alternatively, a reversal below the 38.2% Fib at 1.1202 clears the way for a test of the 1.1005-55 area (23.6% expansion, horizontal pivot).

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.

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

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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