EUR/USD Technical Analysis: Digesting Losses Above 1.11
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- EUR/USD Technical Strategy: Flat
- Support: 1.1127, 1.1054, 1.0964
- Resistance:1.1199, 1.1290, 1.1345
The Euro paused to digest losses after issuing the largest decline in three months against the US Dollar. Near-term support is at 1.1127, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 1.1035. Alternatively, a reversal above the 38.2% Fib at 1.1199 clears the way for a test of the 23.6% retracement at 1.1290.
The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlook from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.