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EUR/USD Technical Analysis: Corrective Upswing Hinted Ahead

EUR/USD Technical Analysis: Corrective Upswing Hinted Ahead

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Mired in Narrow Consolidation Range, Positive RSI Divergence Hints at Rebound
  • Waiting for Attractive Short Setup in Line with Dominant Trend After Corrective Upswing

The Euro continues to oscillate in a narrow range against the US Dollar having touched the lowest level in six months last week. Positive RSI divergence points at ebbing downside momentum and hints that a corrective recovery may be brewing ahead.

A daily close above the 14.6% Fibonacci retracement at 1.0821 initially opens the door for a challenge of the 23.6% level at 1.0892. Alternatively, a push downward through range support marked by the 14.6% Fib expansion at 1.0711 clears the way for a test of the 23.6% threshold at 1.0637.

Positioning is inconclusive at this point but the dominant short- and long-term trend bias continues to broadly favor the downside. With that in mind, we will remain on the sidelines and wait for any on-coming upswing as an opportunity to enter short once corrective push fizzles.

Losing Money Trading Forex? This Might Be Why.

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