EUR/USD Technical Analysis: August Highs in the Crosshairs
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.