Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5982
    -0.0024 (-0.39%)
     
  • NZD/EUR

    0.5537
    -0.0006 (-0.10%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.04
    +1.69 (+2.08%)
     
  • GOLD

    2,242.70
    +30.00 (+1.36%)
     
  • NASDAQ

    18,251.54
    -29.30 (-0.16%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,796.83
    +36.75 (+0.09%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • NZD/JPY

    90.4970
    -0.2830 (-0.31%)
     

EUR/USD Technical Analysis: Candle Setup Hints at Bounce

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat

  • Support: 1.0461, 1.0246, 0.9997

  • Resistance:1.0712, 1.0930, 1.1040

The Euro put in a bullish Morning Star candlestick pattern, hinting a move higher against the US Dollar may be ahead. A daily close above support-turned-resistance at 1.0712, the March 31 low, exposes a recently broken rising trend line at 1.0930. Alternatively, a move below the 1.0456-1.0554 area (March 16 low, 50% Fibonacci expansion) opens the door for a challenge of the 38.2% level at 1.0246.

Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective in the context of a larger structural decline and look for opportunities to enter short after upward momentum has been exhausted.

ADVERTISEMENT

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Candle Setup Hints at Bounce
EUR/USD Technical Analysis: Candle Setup Hints at Bounce

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.