EUR/USD Technical Analysis: Rebound Extends for Fourth Day
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- EUR/USD Technical Strategy: Flat
- Support: 1.0988, 1.0870, 1.0818
- Resistance: 1.1047, 1.1121, 1.1195
The Euro continues to correct higher against the US Dollar, extending the up move for a fourth consecutive session. Near-term resistance is at 1.1047, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.1121. Alternatively, a turn below a horizontal pivot at 1.0988 clears the way for a challenge of rising trend line support at 1.0870.
On balance, the overall EUR/USD trend looks bearish. As such, we will look at any oncoming move higher as corrective and treat it as an opportunity to establish a short position in line with our long-term outlook. We remain flat for the time being.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com