EUR/USD Technical Analysis: 3-Month Trend in the Balance
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- EUR/USD Technical Strategy: Flat
- Support: 1.1000, 1.0818, 1.0682
- Resistance:1.1054, 1.1127, 1.1199
The Euro continues to test the bounds of the uptrend carved out over the past three months against the US Dollar. A daily close below the 1.1000-42 area (trend line, horizontal pivot) exposes the May 27 low at 1.0818. Alternatively, a push above the June 29 high at 1.1277 opens the door for a challenge of the 1.1435-66 zone (June 18 and May 15 highs).
Prices are too close to support to justify entering short in line with our long-term outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling trading opportunity.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com