EUR/USD Technical Analysis: Support Above 1.10 Holds Up
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- EUR/USD Technical Strategy: Flat
- Support: 1.1064, 1.0972, 1.0898
- Resistance: 1.1121, 1.1195, 1.1287
The Euro is cautiously edging downward against the US Dollar after a rebound was capped below the 1.12 figure. A daily close below the 23.6% Fibonacci expansionat 1.1064 exposes the 38.2% level at 1.0972. Alternatively, a move above the 14.6% expansion at 1.1121 opens the door for a test of the 61.8% Fib retracement at 1.1195.
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.