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EUR/USD Technical Analysis: Euro Struggling Below 1.29

EUR/USD Technical Analysis: Euro Struggling Below 1.29

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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.

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