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EUR/USD Technical Analysis: Major Euro Top in Place?

EUR/USD Technical Analysis: Major Euro Top in Place?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro may have topped after testing 11-month trend line resistance
  • Confirmation sought on clear break of corrective upswing support

The Euro put in a bearish Dark Cloud Cover candlestick pattern below trend line resistance guiding prices lower since May 2016, hinting a major reversal may be ahead. Critically, confirmation of down trend resumption is conspicuously absent for the time being.

From here, a daily close below counter-trend line support at 1.0813 opens the door for a test of resistance-turned support at 1.0682. Alternatively, a break above 1.0874 (trend line, former support) paves the way for a move above the 1.09 figure, with a noteworthy barrier coming in at 1.0966.

A clear-cut violation of the series of higher highs and lows set from early-March lows would go a long way toward confirming that sellers have retaken the initiative. In the meantime, opting to wait on the sidelines seems most prudent.

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

EUR/USD Technical Analysis: Major Euro Top in Place?

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

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