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