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EUR/USD Technical Analysis: Key Resistance in the Crosshairs

EUR/USD Technical Analysis: Key Resistance in the Crosshairs

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro bounce continues as back-to-back gains yield largest rally in 2 months
  • Prices closing in on trend-defining resistance level above 1.13 vs. US Dollar

The Euro continued to push sharply higher against the US Dollar, delivering the single currency its largest two-day advance since early December. Prices now approach a pivotal upward-sloping barrier set from mid-March defining whether recent gains are corrective or the start of a new near-term trend.

Near-term resistance is in the 1.1290-1.1336 area, marked by the 61.8% Fibonacci expansion and the aforementioned trend line, with a break above that on a daily closing basis targeting the 76.4% level at 1.1473. Alternatively, a move back below the 50% Fib at 1.1143 paves the way for a test of the 38.2% expansion at 1.0995.

The long-term EUR/USD trend remains bearish and our 2016 fundamental outlook calls for continuation of more of the same ahead. With that in mind, we will remain on the sidelines until the current upswing runs its course and look for the emergence of an actionable selling opportunity to become involved.

Are FXCM traders buying or selling the Euro? Find out here.

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