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EUR/USD Technical Analysis: Probing Above 1.14 Figure

EUR/USD Technical Analysis: Probing Above 1.14 Figure

2015-06-18 21:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1320, 1.1202, 1.1055
  • Resistance:1.1439, 1.1586, 1.1823

The Euro moved higher against the US Dollar as expected having produced a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1439, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 1.1586. Alternatively, a reversal below the 50% Fib at 1.1320 clears the way for a test of the 38.2% expansion at 1.1202.

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!

EUR/USD Technical Analysis: Probing Above 1.14 Figure

--- 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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