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EUR/USD Technical Analysis: Quiet Consolidation Continues

EUR/USD Technical Analysis: Quiet Consolidation Continues

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Still Treading Water in Narrow Range Above 1.08 Figure Against US Dollar
  • Actionable Short Trade Signal Sought to Sell in Line with Long-Term Down Trend

The Euro continues to tread water above the 1.08 figure against the US Dollar as prices await the emergence of a lasting catalyst. The series of lower highs and lows traced out since mid-December remains intact, suggesting the near-term bias favors the downside for the time being.

Near-term support is at 1.0819, marked by a horizontal pivot in play since late May. A break below that on a daily closing basis opens the door for a challenge of the 1.0686-1.0711 area, bracketed by the January 5 swing low and the 38.2% Fibonacci expansion. Alternatively, a move above falling channel resistance at 1.0926 paves the way for a retest of the December 15 high at 1.1060.

An actionable trade setup is absent for the time being as prices oscillate in a narrow range. We will remain on the sidelines for now, waiting for the pair to carve out an attractive short trade setup in line with the dominant long-term down trend.

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