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EUR/USD Technical Analysis: Resistance Now Above 1.18 Figure

EUR/USD Technical Analysis: Resistance Now Above 1.18 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Rebound Fastest Since 2009
  • Waiting for Short Setup to Emerge

The Euro has advanced to the highest level in over seven months against the US Dollar, with prices claiming a foothold above the 1.16 figure. The speed of the advance has been at least as remarkable as the levels being revisited, marking the fastest upside push since at least 2009. Taking up the long side seems ill-advised however.

The Euro has been trending lower since mid-2008. Needless to say, markets don’t move straight lines and some counter-trend corrections have occurred in the interim. Prior large-scale upswings have averaged more than 20 percent, making the current upswing of just over 12 percent appear relatively small. This means that despite swift upside momentum in the near term, markets are far from disturbing the longer-run trajectory. With that in mind, we will patiently wait on the sidelines for a new selling opportunity present itself.

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

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