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Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.0964, 1.0818, 1.0682
- Resistance:1.1054, 1.1127, 1.1199
The Euro is facing renewed downward pressure after soaring to close the weekly opening gap against the US Dollar. Near-term support is at 1.0964, the 76.4% Fibonacci retracement, with a break below that on a daily closing basis exposing the May 27 low at 1.0818. Alternatively, a reversal back above the 61.8% Fib at 1.1054 clears the way for a test of the 50% retracement at 1.1127.
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.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com