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EUR/USD Technical Analysis: Euro in Consolidation Mode

EUR/USD Technical Analysis: Euro in Consolidation Mode

2015-06-15 03:42:00
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.

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EUR/USD Technical Analysis: Euro in Consolidation Mode

--- 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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