EUR/USD Technical Analysis – Treading Water Near 1.38 Mark

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Talking Points:

• EUR/USD Technical Strategy: Pending Short

• Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)

• Resistance: 1.3905 (Apr 11 high)

The Euro continues to tread water above near the 1.38 figure against the US Dollar, with back-to-back indecision candles offering mixed direction cues. A daily close below the 38.2% Fibonacci expansion 1.3793 initially exposes the 50% level at 1.3758. The first layer of significant resistance is at 1.3905, the April 11 swing high.

We continue to look for a selling opportunity in line with our long-term fundamental outlook but doing so at current levels is unattractive from a risk/reward perspective as prices hover just above near-term support. As such, we will remain flat until an actionable setup presents itself.

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EUR/USD Technical Analysis – Treading Water Near 1.38 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

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

original source

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