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EUR/USD Technical Analysis: A Top in Place Near 1.16?

EUR/USD Technical Analysis: A Top in Place Near 1.16?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro recoils from resistance above 1.16, breaks six-day winning streak
  • Waiting for confirmation of Shooting Star candle to re-establish short

The Euro stalled after hitting an eight-month high above the 1.16 figure against the US Dollar, snapping a six-day winning streak. The appearance of a dramatic Shooting Star candlestick points to indecision and hints that a reversal downward may be in the cards ahead.

Near-term support is at 1.1461, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 23.6% level at 1.1367. Alternatively, a push above the 50% Fib at 1.1537 paves the way for another challenge of the 61.8% expansion at 1.1612.

A Shooting Star candlestick is not a sufficiently potent reversal signal to enter short without further confirmation. A follow-on decline will be sought to make for a more convincing setup before a short is triggered in line with long-term down trend resumption expectations.

Should you follow what FXCM traders are doing with the Euro? Find out here !

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