EUR/USD: August Highs In The Crosshairs
Dailyfx | Aug 20, 2015 02:04AM ET
- EUR/USD Technical Strategy: Flat
- Support: 1.1112, 1.1075, 1.1016
- Resistance: 1.1171, 1.1219, 1.1267
The euro launched a sharp recovery against the US dollar, with a narrow push above chart resistance hinting at further gains ahead. A daily close above the 38.2% Fibonacci expansionat 1.1171 exposes the 50% level at 1.1219. Alternatively, a move below the 23.6% expansion at 1.1112 opens the door for a test of the 14.6% Fib retracement at 1.1075.
The available trading range is too narrow to justify entering a trade in line with our long-term outlook from a risk/reward perspective.With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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