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EUR/USD Technical Analysis: May High in the Crosshairs

EUR/USD Technical Analysis: May High in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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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.

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