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EUR/USD Technical Analysis: Waiting for Clear-Cut Breakout

EUR/USD Technical Analysis: Waiting for Clear-Cut Breakout

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Still Stuck in Quiet Consolidation Within Triangle Chart Formation
  • Short Position Favored in Line with Long-Term Bias But Setup Still Absent

The Euro remains locked between the narrowing boundaries of a Triangle chart pattern as prices await a clear-cut directional spark. Prices lost momentum after hitting a seven-month high against the US Dollar in late August and have been unable to find lasting follow-through since.

Triangle top resistance is now at 1.1269. A daily closeabove this barrier clears the way for a challenge of the September 18 high at 1.1459. Alternatively, a dropbelow Triangle floor support – now at 1.1117– opens the door for a test of rising trend line set support set from mid-March, currently at 1.1018.

Needless to say, near-term positioning remains inconclusive. The multi-year trend continues to favor the downside however. With that in mind, we will continue to wait for a selling opportunity in line with the long-term trajectory, waiting on the sidelines in the interim.

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