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EUR/USD Technical Analysis: Eyeing Ten-Month Trend Resistance

EUR/USD Technical Analysis: Eyeing Ten-Month Trend Resistance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Euro soared against the US Dollar following the FOMC monetary policy announcement (as expected), rising to the highest level in five weeks. Overall chart positioning continues to suggest the dominant trend favors weakness however.

Near-term resistance is at 1.0828, the intersection of a falling trend line set from May 2016 and the 38.2% Fibonacci retracement. A daily close above this barrier exposes the 50% level at 1.0978. Alternatively, a move below the March 14 low at 1.0598 targets the February 22 bottom at 1.0494.

An actionable short trade setup is absent and prices are too close to near-term resistance to consider a tactical, counter-trend long position. With that in mind, opting for the sidelines seems most prudent until a more compelling opportunity presents itself.

Are other traders buying or selling the Euro, and what does that hint about the trend? Find out here !

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

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