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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
EUR/USD Technical Analysis: Pivotal Resistance Pressured

EUR/USD Technical Analysis: Pivotal Resistance Pressured

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro rises to challenge trend-defining former support set from mid-March
  • Waiting for reversal confirmation to enter short in line with long-term bias

The Euro finds itself at trend-definingtechnical resistance after rising to the highest level in four months against the US Dollar. Prices are testing rising trend line support-turned-resistance set from mid-March, with behavior at this juncture potentially defining for trend development in the weeks and months ahead.

A daily close above the intersection of the trend line and the 50% Fibonacci expansion at 1.1354 opens the door for a test of the 61.8% level at 1.1417. Alternatively, a reversal below the 38.2% Fib at 1.1291 paves the way for a challenge of the 23.6% expansion at 1.1213.

We are keen to enter short EUR/USD in line with our 2016 fundamental outlook. An actionable bearish reversal signal is absent for now however, warning that pulling the trigger on a trade is premature. With that in mind, we will remain on the sidelines for now and wait for further confirmation.

How are FXCM traders positioned in the Euro? Find out here.

EUR/USD Technical Analysis: Pivotal Resistance Pressured

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