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EUR/USD Technical Analysis: Aiming to Extend Win Streak

EUR/USD Technical Analysis: Aiming to Extend Win Streak

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro on pace to deliver longest win streak since December 2013 vs. US Dollar
  • Looking for corrective gains to clear opening to sell in line with long-term trend

The Euro continues to push higher against the US Dollar, with prices poised to deliver the seventh consecutive day of gains. If strength continues into the daily close, this would make for the longest winning streak since December 2013 for the single currency.

Finishing the day above the 38.2% Fibonacci expansion at 1.1577 exposes the next upside barrier in the 1.1689-1714 area, marked by the 50% level and the August 24 swing high. Alternatively, a reversal below the 1.1439-65 zone (April 12 high, 23.6% Fib) paves the way for a test of the 14.6% expansion at 1.1353.

The long-term EUR/USD trend continues to look broadly bearish, painting recent gains as corrective. With that in mind, an actionable short trade setup is absent for the time being. As such, we will remain on the sidelines sand wait for signs of topping to offer a compelling selling opportunity.

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

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