EUR/USD Technical Analysis: Down Trend Overturned?
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- EUR/USD Technical Strategy: Flat
- Support: 1.1047, 1.0955, 1.0899
- Resistance:1.1121, 1.1195, 1.1287
The Euro broke above a falling trend line set from mid-June, hinting an upside reversal against the US Dollar may be in progress. Near term resistance is at 1.1121, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1.1195. Alternatively, a move back below the 38.2% Fib at 1.1047 clears the way for a test of the 23.6% retracement at 1.0955.
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