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EUR/USD Technical Analysis: Euro Retakes 1.19, Eyeing 2017 High

EUR/USD Technical Analysis: Euro Retakes 1.19, Eyeing 2017 High

2017-12-29 03:00:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro recaptures 1.19 figure vs US Dollar, eyeing another challenge of 2017 peak
  • Adverse risk/reward setup, actionable signal absence argue against a trade for now

The Euro has reclaimed a foothold above the 1.19 figure against the US Dollar, with prices poised to test the 2017 high if near-term chart resistance is breached. Still, fundamental headwinds and political threats are conspiring to hurt the single currency as the calendar turns to 2018.

From here, a daily close above the 23.6% Fibonacci expansion at 1.1967 opens the door for a test of the September 2017 high at 1.2092. Alternatively, a move back below the near-term inflection point at 1.1839 paves the way for a challenge of support shelf at 1.1732.

Prices are too close to resistance to justify even a tactical long position from a risk/reward perspective. On the other hand, the absence of a clear-cut bearish reversal signal warns that fading recent gains is premature. With that in mind, opting for the sidelines seems best until a better-defined opportunity presents itself.

What is the #1 mistake that traders make, and how can you avoid it? Find out here!

EUR/USD Technical Analysis: Euro Retakes 1.19, Eyeing 2017 High

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