EUR/USD Technical Analysis: Resistance Now Above 1.10
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- EUR/USD Technical Strategy: Flat
- Support: 1.0955, 1.0894, 1.0816
- Resistance:1.1016, 1.1092, 1.1139
The Euro is attempting a tepid recovery against the US Dollar after finding interim support above the 1.08 figure. A daily close above the 38.2% Fibonacci expansion at 1.1016 exposes the 23.6% level at 1.1092. Alternatively, a push below the 50% Fib at 1.0955 opens the door for a challenge of the 61.8% expansion at 1.0894.
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