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Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.1127, 1.1054, 1.0964
- Resistance:1.1199, 1.1290, 1.1345
The Euro remains in consolidation mode after producing the largest daily drop in three months against the US Dollar. A daily close below the 50% Fibonacci retracementat 1.1127 exposes the 61.8% level at 1.1035. Alternatively, a turn above the 38.2% Fib at 1.1199 opens the door for a challenge of the 23.6% retracement at 1.1290.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade long-term Euro outlook from a risk/reward perspective. With that in mind, we will remain flat for now and wait for an actionable opportunity to present itself.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com