EUR/USD Technical Analysis: Rebound Capped Above 1.13

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1202, 1.1005, 1.0818
  • Resistance:1.1320, 1.1439, 1.1585

The Euro paused to digest gains having reversed upward as expected against the US Dollar following two days of aggressive gains. Near-term resistance is at 1.1320, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1.1439. Alternatively, a reversal below the 38.2% Fib at 1.1202 clears the way for a test of the 1.1005-55 area (23.6% expansion, horizontal pivot).

Our long-term Euro outlook favors weakness against the US Dollar. As such, we will treat the advance as corrective in the context of the structural, multi-year down move and look to enter short once an attractive opportunity presents itself. In the meantime, we remain flat.

EUR/USD Technical Analysis: Rebound Capped Above 1.13

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