EUR/USD Technical Analysis: Euro May Renew Recovery
Dailyfx | May 22, 2015 03:39AM ET
Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.1059, 1.0934, 1.0808
- Resistance:1.1214, 1.1310, 1.1466
The expected but an Inverted Hammer candlestick now hints a rebound may be brewing. Near-term resistance is at 1.1214, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6%levelat1.1310. Alternatively, a push below the 38.2% Fib at 1.1059 clears the way for a test of the 50%expansionat1.0934.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a short tradein line with our long-term outlook . With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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