EUR/USD Digesting Losses Near 1.10

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0968, 1.0818, 1.0661
  • Resistance:1.1067, 1.1277, 1.1466

The euro is digesting losses against the US dollar having broken below a trend line guiding the move higher since mid-April. Near-term support is in the 1.0968-1.10 area (horizontal pivot, 23.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the May 27 low at 1.0818. Alternatively, move back above the trend line, now at 1.1067, opens the door for a challenge of the June 29 high at 1.1277.

The available trading range is too narrow to justify entering a trade in line with our long-term euro outlook from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

EUR/USD Daily Chart

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