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EUR/USD Technical Analysis: Quiet Consolidation Continues

EUR/USD Technical Analysis: Quiet Consolidation Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1127, 1.1054, 1.0964
  • Resistance:1.1199, 1.1290, 1.1345

The Euro remains in consolidation mode after producing the largest daily drop in three months against the US Dollar. A daily close below the 50% Fibonacci retracementat 1.1127 exposes the 61.8% level at 1.1035. Alternatively, a turn above the 38.2% Fib at 1.1199 opens the door for a challenge of the 23.6% retracement at 1.1290.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade long-term Euro outlook from a risk/reward perspective. With that in mind, we will remain flat for now and wait for an actionable opportunity to present itself.

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

EUR/USD Technical Analysis: Quiet Consolidation Continues

--- 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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