EUR/USD Technical Analysis: Down Trend Resumption at Hand?
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- EUR/USD Technical Strategy: Flat
- Support: 1.0968, 1.0818, 1.0661
- Resistance:1.1051, 1.1277, 1.1466
The Euro gapped below trend line support set from mid-April against the US Dollar but breakout confirmation is pending for now. Near-term support is in the 1.0968-1.10 area (horizontal pivot, 23.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the May 27 low at 1.0818. Alternatively, move back above the trend line, now at 1.1051, opens the door for a challenge of the June 29 high at 1.1277.
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.