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EUR/USD Technical Analysis: Two-Year Trend Resistance Under Fire

EUR/USD Technical Analysis: Two-Year Trend Resistance Under Fire

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro stands squarely at two-year trend resistance vs. US Dollar
  • Waiting for directional resolution to offer actionable trade setup

The Euro stands at a critical inflection point against the US Dollar as prices challenge trend line resistance capping gains for nearly two years. The way that the currency pair performs at this key juncture has the potential to define its long-term trajectory.

A daily close above 1.1441 (trend line, 14.6% Fibonacci expansion) opens the door for a test of the 23.6% level at 1.1519. Alternatively, a reversal below the 1.1285-1.1318 area (June 2 high, 14.6% Fib retracement) paves the way for a move down to the 23.6% retracement threshold at 1.1239.

Positioning is inconclusive for the time being. A clear-cut reversal signal beckoning a short trade is conspicuously absent while a defined break of trend line resistance is yet to materialize. With that in mind, opting for the sidelines seems most prudent until greater clarity emerges.

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