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EUR/USD Technical Analysis: Key Support Near 1.08 at Risk

EUR/USD Technical Analysis: Key Support Near 1.08 at Risk

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0814, 1.0740, 1.0648
  • Resistance:1.0888, 1.0980, 1.1128

The Euro moved lower against the US Dollar as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is in the 1.0814-18 area (50% Fibonacci expansion, May 27 low), with a break below that exposing the 61.8% level at 1.0740. Alternatively, a push above the 38.2% Fib at 1.0888 clears the way for a test of the 23.6% expansion at 1.0980.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

--- 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.

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