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EUR/USD Technical Analysis: Inching Toward Range Resistance

Ilya Spivak

DailyFX.com -

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Talking Points:

  • EUR/USD Technical Strategy: Flat

  • Support: 1.0712, 1.0461, 1.0246

  • Resistance:1.1040, 1.1266, 1.1515

The Euro pushed higher against the US Dollar as expected following the appearance of a bullish Morning Star candlestick pattern. A daily close above the March 18 high at 1.1040 exposes the 38.2% Fibonacci retracement at 1.1266. Alternatively, a turn back below the March 31low at 1.0712 opens the door for a challenge of the 1.0461-1.0554 area (March 13 low, 23.6% Fibonacci expansion).

Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective in the context of a larger structural decline and look for opportunities to enter short after upward momentum has been exhausted.

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EUR/USD Technical Analysis: Inching Toward Range Resistance
EUR/USD Technical Analysis: Inching Toward Range Resistance

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

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