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EUR/USD: January Low In The Crosshairs

Published 02/27/2015, 02:51 AM
Updated 07/09/2023, 06:31 AM

Talking Points:
  • EUR/USD Technical Strategy: Flat
  • Support: 1.1185, 1.0970, 1.0796
  • Resistance:1.1318, 1.1533, 1.1659

The euro moved sharply lower against the US dollar, with prices attempting to clear path to the late-January low anew. Near-term support is at 1.1185, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.0970. Alternatively, a turn above the 1.1276-1318 area (January 30 close, 14.6% Fib expansion) clears the way for a test of the February 3 high at 1.1533.

Risk/reward considerations argue against entering shorting line with our long-term outlook as prices sit squarely at support. We will remain on the sidelines for the time being, waiting for a more actionable opportunity to present itself.

EUR/USD Technical Analysis: January Low in the Crosshairs

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