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EUR/USD Technical Analysis: Euro Down Trend Resuming?

EUR/USD Technical Analysis: Euro Down Trend Resuming?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro breaks counter-trend support, hinting at down move resumption
  • Risk/reward considerations argue against taking short trade for now

The Euro may be resuming its longer-term down move against the US Dollar after prices broke support guiding a shallow upswing from November lows. The pair turned higher as expected after testing a major long-term chart barrier near the 1.05 figure.

Near-term support is in the 1.0449-1.0520 area, marked by a support shelf in play since mid-March 2015 and the 38.2% Fibonacci expansion. A daily close below that exposes the 50% level at 1.0318. Alternatively, a reversal above the 23.6% Fib at 1.0611 targets the 14.6% expansion at 1.0711.

Prices are too close to near-term support to justify entering a short trade at current levels from a risk/reward perspective. Opting for the sidelines seems most prudent until the pair offers a more actionable opportunity to trade in line with the dominant bearish trend.

How will the Euro fit into this week’s market themes? Join the weekly outlook webinar and find out.

EUR/USD Technical Analysis: Euro Down Trend Resuming?

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