EUR/USD Technical Analysis: Key Support Below 1.10 Mark
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- EUR/USD Technical Strategy: Flat
- Support: 1.0968, 1.0818, 1.0661
- Resistance:1.1056, 1.1277, 1.1466
The Euro rose to erase some of its weekly open gap but failed to reclaim a foothold above a trend line set from mid-April against the US Dollar. A daily close below the 1.0968-1.10 area (horizontal pivot, 23.6% Fibonacci expansion) exposes the May 27 low at 1.0818. Alternatively, a push above the trend line at 1.1056 opens the door for a challenge of the June 29 high at 1.1277.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlook from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com