Forex: EUR/USD Technical Analysis – Stop-Loss Under Pressure
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- EUR/USD Technical Strategy: Short at 1.3757
- Support: 1.3635 (channel top), 1.3541 (trend line)
- Resistance: 1.3738 (Jan 24 high), 1.3810 (double top)
We remain short Euro against the US Dollar at 1.3757, reflecting our long-term fundamental outlook. A recovery played out since early February sees prices approaching resistance at 1.3738, the January 24 high. Breaching this barrier on a daily closing basis will trigger our stop-loss and expose double top resistance at 1.3810. Channel top resistance-turned-support is at 1.3635, with a break below that targeting a falling trend line set from late December, now at 1.3541.
Our first longer-term objective is 1.3209 (the 23.6% Fib expansion formed by the April 2011 high, the July 2012 low, and the December 2013 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.