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Forex: EUR/USD Technical Analysis – Downward Breakout at Hand?

Forex: EUR/USD Technical Analysis – Downward Breakout at Hand?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3674-98 (23.6% Fib exp., Jan 14 high), 1.3613 (38.2% Fib exp.)
  • Resistance: 1.3767 (trend line), 1.3800 (double top)

The Euro recoiled from resistance in the 1.3767-1.38 area, marked by a falling trend line set from the October 2013 swing high and double top. Prices are now testing through support in the 1.3674-98 region marked by the 23.6% Fibonacci expansion and the January 14 high, with a break below that exposing the 38.2% level at 1.3613. Alternatively, a move above the trend line (1.3767) aims for the 1.38 figure.

We will wait for confirmation of a breakout on a daily close below support to evaluate the viability of a short position in line with our fundamental outlook after our previous attempt to sell the pair was stopped out at breakeven.

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 – Downward Breakout at Hand?

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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