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EUR/USD Technical Analysis: Euro Struggling to Make Headway

EUR/USD Technical Analysis: Euro Struggling to Make Headway

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Upside Euro breakout struggling to find follow-through below 1.19 figure
  • Actionable trade trigger, improved risk/reward needed to establish exposure

The Euro is struggling to make upward progress after pushing past resistance that had defined the down trend against the US Dollar since early September. The breakout suggested that the dominant 2017 advance was back in play but follow-through has been cut off ahead of the 1.19 figure, at least for now.

From here, a daily close above support-turned-resistance at 1.1857 opens the door for a challenge of the 23.6% Fibonacci expansion at 1.1967. Alternatively, a reversal back below the 1.1662-79 area (August 17 low, 23.6% Fib retracement) paves the way for a retest of the November 7 low at 1.1553.

Prices are too close to immediate resistance to justify entering short from a risk/reward perspective. On the other hand, the absence of an actionable bearish reversal signal warns against taking up the short side. With that in mind, opting for the sidelines seems most prudent until a better trade setup presents itself.

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