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EUR/USD Technical Analysis: Sideways Consolidation Continues

EUR/USD Technical Analysis: Sideways Consolidation Continues

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Remains Locked in Narrowing Consolidation Range Near 1.11
  • Waiting for Greater Directional Clarity Before Committing to a Trade

The Euro continues to consolidate in a narrowing range above the 1.11 figure against the US Dollar as prices await lasting direction cues. Despite a wealth of high profile event risk, the pair has been unable to find follow-through since a corrective bounce topped below the 1.18 mark.

Near-term Triangle pattern support is now at 1.1114, with a break below that on a daily closing basis opening the door for a test of 1.1005, marked by a rising trend line capping losses since mid-March. Alternatively, a move above Triangle top resistance at 1.1324 clears the way for a challenge of the September 18 high at 1.1459.

An actionable trade setup remains absent at this point. On one hand, symmetrical Triangle patterns tend to speak of continuation, which implies a bullish bias in this case. On the other, the long-term multi-year trend remains decidedly bearish, painting the entire move higher over the past seven months as corrective. We will remain flat for now and wait for greater clarity to emerge.

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