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EUR/USD Technical Analysis: Rally Pauses Below 1.12 Figure

EUR/USD Technical Analysis: Rally Pauses Below 1.12 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1121, 1.1047, 1.0988
  • Resistance: 1.1195, 1.1287, 1.1466

The Euro paused to digest gains below the 1.12 figure against the US Dollar after hitting the highest level in a month. A daily close above the 61.8% Fibonacci retracementat 1.1195 exposes the 76.4% level at 1.1287. Alternatively, a move below the 50% Fib at 1.1121 opens the door for a test of the 38.2% retracement at 1.1047.

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!

EUR/USD Technical Analysis: Rally Pauses Below 1.12 Figure

--- 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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