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EUR/USD Technical Analysis: Bounce Hinted Near 1.06

EUR/USD Technical Analysis: Bounce Hinted Near 1.06

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Stalling Above 1.06 Figure vs. US Dollar, RSI Divergence Hints at Rebound Ahead
  • Waiting for Corrective Recovery to Enter Short Trade in Line with Long-Term Down Trend

The Euro continues to stall above the 1.06 figure against the US Dollar as markets struggle for directional conviction in thinning pre-holiday trade. Positive RSI divergence still points to ebbing downside momentum and hints that a recovery may be brewing ahead.

Near-term support is at 1.0556, the 23.6% Fibonacci expansion. A break below that on a daily closing basis clears a path to test the 1.0428-61 area, marked by the March 13 low and the 38.2% level. Alternatively, a reversal above the 14.6% Fib retracement at 1.0702 opens the door for a challenge of the 1.0785-1.0818 zone (23.6% retracement, May 27 low).

The dominant EUR/USD trend continues to look bearish. With that in mind, we will treat any upswing from here as corrective within the context a longer-term decline and use it as an opportunity to find selling opportunities. In the meantime, we remain on the sidelines.

Losing Money Trading Forex? This Might Be Why.

EUR/USD Technical Analysis: Bounce Hinted Near 1.06

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