Yahoo Finance 
EUR/USD Technical Analysis: Euro Declines for Sixth Day
DailyFX.com -
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
EUR/USD Technical Strategy: Flat
Support: 1.0970, 1.0796, 1.0623
Resistance:1.1185, 1.1318, 1.1533
The Euro declined for a sixth consecutive day against the US Dollar, sinking to a new 11-year low. Near-term support is at 1.0970, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.0796. Alternatively, a turn above the 23.6% Fib at 1.1185 opens the door for a challenge of the 1.1276-1318 area (January 30 close, 14.6% Fib expansion).
Prices are too close to support to justify entering short in line with our long-term outlookfrom a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
