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EUR/USD Technical Analysis: Critical Resistance Holds Up

EUR/USD Technical Analysis: Critical Resistance Holds Up

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro recoils from support-turned-resistance at trend line from mid-March
  • Seeking actionable short trade setup in line with dominant long-term trend

The Euro retreated against the US Dollar after testing pivotal trend line support-turned-resistance set from mid-March. A lasting downturn from here would serve to confirm that gains from early December 2015 were corrective in the context of a longer-term down move rather than the start of a new trend.

Near-term support is at 1.1094, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 38.2% level at 1.0919. Alternatively, a reversal above the 14.6% Fib at 1.1201 paves the way for a challenge of the February 11 high at 1.1376.

Prices are too close to support to justify entering a short position in line with the long-term trend and our 2016 fundamental outlook. We will remain on the sidelines for the time being, waiting for positioning to offer a more attractive opportunity to sell the pair.

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

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