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EUR/USD Technical Analysis: Euro Soars to 1-Month High

EUR/USD Technical Analysis: Euro Soars to 1-Month High

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro soars to monthly high, takes aim at 1.11 versus US Dollar
  • Waiting for improved risk/reward, chart confirmation to enter trade

The Euro continues to push upward, hitting the highest level in almost a month and taking aim at the 1.11 figure against the US Dollar. Prices turned upward as expected after establishing support following a plunge to seven-month lows below the 1.09 figure.

From here, a daily close above the 1.1109-23 area (50% Fibonacci retracement, August 31 low) opens the door for a test of the 61.8% level at 1.1169. Alternatively, a reversal back below the 38.2% Fib at 1.1048 paves the way for a challenge of the 23.6% retracement at 1.0973.

An actionable trade setup absent for now. On one hand, prices are too close to resistance to justify entering long from a risk/reward perspective. On the other, the absence of a defined bearish reversal signal hints it is premature to take up the short side. Staying flat seems most prudent for the time being.

What do short-term EUR/USD trading patterns hint about on-coming trends? Find out here !

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