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Forex: EUR/USD Technical Analysis – Selloff Stalls at Channel Floor

Forex: EUR/USD Technical Analysis – Selloff Stalls at Channel Floor

2014-02-04 13:28:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3757
  • Support: 1.3476 (Feb 3 low)
  • Resistance: 1.3574 (23.6% Fib ret.), 1.3635 (38.2% Fib ret.)

We entered short EUR/USD at 1.3757 as prices formed a Bearish Engulfing candlestick pattern, signaling a move lower in line with our fundamental outlook. The downturn’s latest leg began as expected as the pair produced a Shooting Star candlefollowing a brief upswing. The stop-loss has now been revised to trigger on a daily close above January 24 high at 1.3738.The first long-term objective remains 1.3209.

The bottom of a falling channel set from late December has stepped in as interim support. A rebound from this level that produces a close above 1.3574, the 23.6% Fibonacci retracement, exposes the 38.2% level at 1.3635. Near-term support is now at 1.3476, the February 3 low.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-usd_body_Picture_11.png, Forex: EUR/USD Technical Analysis – Selloff Stalls at Channel Floor

Daily Chart - Created Using FXCM Marketscope 2.0

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