EUR/USD Technical Analysis: Down Trend Ready to Resume?
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- EUR/USD Technical Strategy: Flat
- Support: 1.1121, 1.1047, 1.0988
- Resistance: 1.1121, 1.1195, 1.1287
The Euro may be resuming its down trend against the US Dollar after finding resistance below the 1.12 figure. Near-term support is at 1.1064, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.0972. Alternatively, a turn above the 14.6% expansion at 1.1121 clears the way for a challenge of the 61.8% Fib retracement at 1.1195.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlookfrom 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