Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/USD Technical Analysis: Buyers Target May Top

EUR/USD Technical Analysis: Buyers Target May Top

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • 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.

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

--- 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.

DISCLOSURES