EUR/USD Technical Analysis: Rally Pauses Below 1.12 Figure
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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 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.
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--- 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.