Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
EUR/USD Technical Analysis: Perched at 5-Month Support

EUR/USD Technical Analysis: Perched at 5-Month Support

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0860, 1.0814, 1.0740
  • Resistance: 1.0980, 1.1037, 1.1128

The Euro remains perched atop five-month trend line support against the US Dollar as prices await direction cues. Near-term support is in the 1.0860-88 area (trend line, 38.2% Fibonacci expansion), with a break below that on a daily closing basis exposing the 1.0814-18 zone (50% level, May 27 low). Alternatively, a push above the 23.6% Fib at 1.0980 clears the way for a challenge of the 14.6% expansion at 1.1037.

Risk/reward considerations argue against entering shortin line with our long-term outlook with prices in close proximity to support. 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.

DISCLOSURES