EUR/USD Technical Analysis: Waiting for New Catalysts
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- EUR/USD Technical Strategy: Flat
- Support: 1.0968, 1.0818, 1.0661
- Resistance:1.1078, 1.1277, 1.1466
The Euro continues to consolidate near the 1.10 figure against the US Dollar after testing the lowest level in a month. 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 trend line support-turned-resistance at 1.1078 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