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EUR/USD Technical Analysis: Euro Struggles to Sustain Upward Push

EUR/USD Technical Analysis: Euro Struggles to Sustain Upward Push

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro struggles to sustain upward momentum after largest rally in a month vs. US Dollar
  • Inconclusive chart setup, adverse risk/reward setup argue against taking a trade for now

The Euro is struggling to find upside follow-through after posting the largest one-day advance in a month against the US Dollar. The fundamental landscape is seemingly primed for continued consolidation in the near term until the calendar turns to 2018.

Near-term support comes in at 1.1732, with a break below that confirmed on a daily closing basis opening the door for a test of the 1.1662-79 area (August 17 low, 23.6% Fibonacci retracement). Alternatively, a move back above support-turned-resistance at 1.1839 exposes the November 27 high at 1.1961.

Prices are too close to immediate support to justify entering short from a risk/reward perspective. On the other hand, the absence of a clearly-defined bullish reversal signal argues against taking up the long side. That seems to call for patience on the sidelines for now until a better-defined opportunity presents itself.

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