EUR/USD—The Euro Stays flat above 1.12

EUR/USD (1.1209)

• Resistance Levels: 1.1532, 1.1660, 1.1830
• Support Levels: 1.1277, 1.1185, 1.0968
• Trade Strategy: Stand Aside

The Euro continues to digest losses above the key pivot at 1.12. Please see the below daily MT 4 chart. Note the Morning Star candlestick, then the bottom being carved out.

At this point the EUR/USD needed to close above the February 3 high at 1.1532 to challenge the next technical support at 1.1660. Should the Euro continue lower, we see a congestion area from 1.1319 to 1.1277. A close below this technical support will see the market challenge 1.1185.

Any EUR/USD move higher will be corrective as my long term euro outlook remains bearish. Any turn higher will be an opportunity for another short euro trade as I am looking for a more attractive level to enter a trade. Till then I am standing aside waiting.