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EUR/USD Technical Analysis: Longest Win Streak in 4 Months

EUR/USD Technical Analysis: Longest Win Streak in 4 Months

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0988, 1.0875, 1.0818
  • Resistance: 1.1047, 1.1121, 1.1195

The Euro is working on a sixth consecutive day of gains against the US Dollar after rebounding from five-month trend line support. A daily close above the 38.2% Fibonacci retracementat 1.1047 exposes the 50% level at 1.1121. Alternatively, a move below a horizontal pivot at 1.0988 opens the door for a test of rising trend line support at 1.0875.

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.

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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