EUR/USD Technical Analysis: Trend Line Under Pressure
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- EUR/USD Technical Strategy: Flat
- Support: 1.0968, 1.0818, 1.0661
- Resistance:1.1100, 1.1277, 1.1466
The Euro is attempting to overturn the near-term down trend in play since mid-June against the US Dollar. Near-term trend line resistance is at 1.1100, with a break above that on a daily closing basis exposing the June 29 high at 1.1277. Alternatively, move below the 1.0968-1.10 area (horizontal pivot, 23.6% Fibonacci expansion) opens the door for a challenge of the May 27 low at 1.0818.
An actionable trade setup is absent at this point, arguing against taking a trade in line with our long-term outlook. With that in mind, we will remain on the sidelines for the time being until an attractive opportunity presents itself.
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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.