EUR/USD: Resistance Now Above 1.13
Dailyfx | May 07, 2015 03:50AM ET
Talking Points:
- EUR/USD Technical Strategy: Flat
- Support: 1.1247, 1.1178, 1.1040
- Resistance:1.1359, 1.1450, 1.1541
The Euro continued to recover against the US Dollar after a brief pause to consolidate, with buyers securing a foothold above the 1.13 figure. Near-term resistance is at 1.1359, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.4501. Alternatively, a reversal below the 23.6% Fib at 1.1247 clears the way for a test of the 14.6% expansion at 1.1178.
Our long-term outlook is premature. As such, we will remain flat for now.
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