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Forex: EUR/USD Technical Analysis – Stalling at Channel Top

Forex: EUR/USD Technical Analysis – Stalling at Channel Top

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3757
  • Support: 1.3574 (23.6% Fib ret.), 1.3537 (14.6% Fib ret.)
  • Resistance: 1.3595 (trend line), 1.3635 (38.2% Fib ret.)

We are shortEuro against the US Dollar at 1.3757 in line with our long-term fundamental outlook. Resistance is marked by a falling channel top at 1.3660 and the 50% Fibonacci retracement at 1.3681. A close above the latter level exposes the 61.8% level at 1.3730. A turn back below the 38.2% Fib at 1.3633 targets the 23.6% retracement at 1.3573.

We continue to see the downside as the path of least resistance. A stop-is set to be activated on a daily close above 1.3738, the January 24 high. Our first long-term objective is 1.3209.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Stalling at Channel Top

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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.

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