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Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.0988, 1.0875, 1.0818
- Resistance: 1.1047, 1.1121, 1.1195
The Euro is working on a sixth consecutive day of gains against the US Dollar after rebounding from five-month trend line support. A daily close above the 38.2% Fibonacci retracementat 1.1047 exposes the 50% level at 1.1121. Alternatively, a move below a horizontal pivot at 1.0988 opens the door for a test of rising trend line support at 1.0875.
The available trading range is too narrow to justify entering a trade in line with our long-term outlook from a risk/reward perspective.With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com