Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/USD Technical Analysis: May High in the Crosshairs

EUR/USD Technical Analysis: May High in the Crosshairs

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1309, 1.1191, 1.1016
  • Resistance: 1.1466, 1.1574, 1.1811

The Euro continues to push aggressively higher against the US Dollar, with prices testing the highest levels in three months. A daily close above the 1.1428-66 area (61.8% Fibonacci expansion, May 15 high) exposes the 76.4% level at 1.1574. Alternatively, a reversal back below the 50% Fib at 1.1309 opens the door for a test of the 38.2% expansion at 1.1191.

The dominant long-term EURUSD trend has favored the downside since line the pair topped near the 1.60 figure in mid-2008. Our fundamental outlook suggests this broader trajectory is likely to hold, casting the latest upswing as corrective. Furthermore, prices are too close to resistance to tactically justify a long trade from a risk/reward perspective. With that in mind, we will remain on the sidelines and wait for a selling opportunity to emerge before taking a trade.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES