Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD Technical Analysis: Aiming Above 1.15 Figure

EUR/USD Technical Analysis: Aiming Above 1.15 Figure

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Break of Chart Resistance Hints Euro Poised to Extend Above 1.15 vs. US Dollar
  • Standing Aside Until Short Trade Setup in Line with Long-Term Trend Emerges

The Euro continues to rise against the US Dollar as expected, with a break above chart resistance clearing the way for a move above the 1.15 figure. Prices have now completed five consecutive days of gains, making for the longest winning streak in a month.

From here, a daily close above the 50% Fibonacci expansion at 1.1539 exposes the next upside barrier at 1.1646, the 61.8% level. Alternatively, a reversal back below the 38.2% Fib at 1.1432 – now recast as support – opens the door for a challenge of a horizontal pivot at 1.1265.

The dominant long-term EURUSD trend initiated in mid-2008 continues to favor the downside. With that in mind, we will opt not to pursue a long position, preferring to wait for the upswing to yield a selling opportunity in line with the larger decline instead. In the meantime, we are flat.

Losing Money Trading Forex? This Might Be Why.

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

DISCLOSURES