EUR/USD Technical Analysis: Euro Tries to Trigger Bounce

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Talking Points:

• EUR/USD Technical Strategy: Flat
• Support: 1.0866, 1.0814, 1.0740
• Resistance: 1.0980, 1.1037, 1.1128

The Euro is attempting to launch a recovery having tested five-month rising trend line support against the US Dollar. A daily close above the 23.6%Fibonacci expansion at 1.0980 exposes the 14.6% level at 1.1037. Alternatively, a push below the 1.0866-88 area (trend line, 38.2% Fib) opens the door for a test of the 1.0814-18 zone (50% expansion, May 27 low).

The available trading range is too narrow to justify entering 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