News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD Technical Analysis: Euro Struggling Below 1.29

EUR/USD Technical Analysis: Euro Struggling Below 1.29

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro struggling to make headway below 1.29 figure vs. US Dollar
  • Confirmation of near-term downward trend reversal is still elusive

The Euro is struggling to make headway below the 1.29 figure against the US Dollar, with negative RSI divergence warning that a turn lower may be ahead. Confirmation seems absent for now however, with the near-term trend still defined by a series of higher highs and lows.

Near-term support is at 1.1181, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis opening the door for a test of the 23.6% level at 1.1116. Alternatively, a push above the June 2 high at 1.2851 sees the next upside barrier at 1.1376, the 38.2% Fib expansion.

An actionable trade setup seems to be absent at this stage. Prices are too close to support to justify entering short form a risk/reward perspective while a clear-cut buy signal is conspicuously absent. Opting for the sidelines seems most prudent until something more appealing presents itself.

Need help with your EUR/USD trading strategy? Get it live by registering for a Q&A webinar!

EUR/USD Technical Analysis: Euro Struggling Below 1.29

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

DISCLOSURES