EUR/USD Technical Analysis: Poised to Move Below 1.10
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- EUR/USD Technical Strategy: Flat
- Support: 1.0972, 1.0898, 1.0818
- Resistance: 1.1064, 1.1121, 1.1212
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 1.0972, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.0898. Alternatively, a turn above the 23.6% Fib at 1.1064 clears the way for a challenge of the 14.6% expansion at 1.1121.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.