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EUR/USD Technical Analysis: Euro Rallies Most in 3 Weeks

EUR/USD Technical Analysis: Euro Rallies Most in 3 Weeks

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Resumes Two-Month Upswing, Rises to Highest Level in 3 Weeks
  • Waiting for an Actionable Bearish Signal to Establish Short Position

The Euro pushed aggressively higher against the US Dollar, rising to the strongest level in three weeks. An attempt to rebuild the longer-term down trend was thwarted below the 1.11 figure, suggesting the upswing initiated in late July may be back in play.

From here, a daily close above the 38.2% Fibonacci expansion at 1.1432 clears the way for a test of the 50% level at 1.1539. Alternatively, a move below the resistance-turned-support at 1.1331, the September 1 swing high, opens the door for a challenge of the September 16 low at 1.1213.

An actionable trading setup is absent at this point. Prices are too close to resistance to justify a long position from a risk/reward perspective. On the other hand, an actionable sell signal that could trigger entering short in line with the long-term down trend is conspicuously absent for now. As such, we will remain on the sidelines for the time being and wait for a more attractive opportunity to emerge.

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