EUR/USD Technical Analysis: Euro Gains Most in a Month
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- EUR/USD Technical Strategy: Flat
- Support: 1.1121, 1.1047, 1.0988
- Resistance: 1.1195, 1.1287, 1.1466
The Euro rose for a sixth consecutive day, putting in the largest daily advance in a month against the US Dollar. Near-term resistance is at 1.1195, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 1.1287. Alternatively, a turn below the 50% Fib at 1.1121 clears the way for a challenge the 38.2% retracement at 1.1047.
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