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EUR/USD Technical Analysis: August Highs in the Crosshairs

EUR/USD Technical Analysis: August Highs in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1112, 1.1075, 1.1016
  • Resistance: 1.1171, 1.1219, 1.1267

The Euro launched a sharp recovery against the US Dollar, with a narrow push above chart resistance hinting at further gains ahead. A daily close above the 38.2% Fibonacci expansionat 1.1171 exposes the 50% level at 1.1219. Alternatively, a move below the 23.6% expansion at 1.1112 opens the door for a test of the 14.6% Fib retracement at 1.1075.

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!

--- 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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