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Talking Points:

• EUR/USD Technical Strategy: Flat

• Support: 1.1929, 1.1875, 1.1777

• Resistance:1.2080, 1.2173, 1.2249

The Euro continues to face heavy pressure, with prices testing levels unseen since 2006 against the US Dollar. A daily close below the 100% Fibonacci expansion at 1.1929 exposes the June 2010 low at 1.1875, followed by the 123.6% level at 1.1777. Alternatively, a turn back above the 76.4% Fib at 1.2080 opens the door for a challenge of the 61.8% expansion at 1.2173.

Prices are too close to support to justify entering short from a risk/reward perspective. With that in mind, we will continue to stand aside until an attractive selling opportunity in line with our long-term outlook presents itself.

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Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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