EUR/USD Technical Analysis: Buyers Target May Top
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- EUR/USD Technical Strategy: Flat
- Support: 1.1320, 1.1202, 1.1055
- Resistance:1.1439, 1.1586, 1.1823
The Euro rebounded against the US Dollar as expected having produced a bullish Morning Star candlestick pattern. A daily close above the 61.8% Fibonacci expansion at 1.1439 exposes the 76.4% level at 1.1586. Alternatively, a turn below the 50% Fib at 1.1320 opens the door for a challenge of the 38.2% expansion at 1.1202.
Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective and wait for the move higher to offer a selling opportunity. In the meantime, we will remain on the sidelines.
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--- 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.