We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The #Euro has dropped through support guiding it higher from late-March lows, suggesting that the end of a corrective rebound has given way to downtrend resumption. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/gpKowYNmGi https://t.co/CY7RuZf91s
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/Q3sPmP2rya #tradingstyle https://t.co/ayjehPGEeT
  • $USDCAD came close to taking out the 17-year-high just a few weeks ago, but this was followed by an aggressive pullback down below the 1.4000 handle.Get your USD/CAD technical analysis from @JStanleyFX here: https://t.co/aWmL2rlWzG https://t.co/cauVFdBxsd
  • Follow up: S&P affirms 🇩🇪Germany's AAA/A-1+ rating, outlook stable (BBG). As for PMI data, it painted a darker picture⬇️ Final print for services: 31.7, preliminary: 34.5 Final print for composite: 35.0, preliminary: 37.2 https://t.co/x2SESwo0zr
  • RT @NorthmanTrader: You need to click to expand to see this chart via @byHeatherLong https://t.co/tXd4T45FqS
  • #Dow Jones: The blue-chip index lags the S&P 500 and #Nasdaq 100 as Boeing continues to weigh on the Industrial Average. Get your market update from @PeterHanksFX here: https://t.co/Z495djPG07 https://t.co/3rTF8I3KBg
  • $USDMXN: A breakout above 25.44 will get it to a new highs. Get your USD/MXN market update from @PaulRobinsonFX here: https://t.co/KFRLmtBZsv https://t.co/Lo3bvThH0w
  • #Gold closed above the 50-day average providing a bullish signal. Get your $XAUUSD technical analysis from @malkudsi here:https://t.co/h3yVqIxwVc $gld https://t.co/0xqiCWFaml
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.31% 🇨🇦CAD: -0.43% 🇪🇺EUR: -0.48% 🇳🇿NZD: -1.00% 🇬🇧GBP: -1.03% 🇦🇺AUD: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ST3oKR8Kyt
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.81% Gold: 0.37% Silver: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tCzfLiJU9V
Forex: EUR/USD Technical Analysis – Rejected at 1.38 Once Again

Forex: EUR/USD Technical Analysis – Rejected at 1.38 Once Again

2014-03-04 03:54:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.3726 (23.6% Fib exp.), 1.3665 (38.2% Fib exp.)
  • Resistance: 1.3766 (trend line), 1.3800-31 (double top), 1.3892 (Dec 27 high)

The Euro recoiled from double-top resistance in the 1.3800-31 area, undoing last week’s piercing of a falling trend line set from late October and completing a Bearish Engulfing candlestick pattern. A push below the 23.6% Fibonacci expansion at 1.3726 initially exposes the 38.2% level 1.3665. A move back above the trend line (now at 1.3766) aims for the 1.38 figure anew.

A short position in line with our long-term fundamental outlook looks unattractive from a risk/reward perspective with prices so close to support. As such, we will stand aside for now waiting for another entry point 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 – Rejected at 1.38 Once Again

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.

DISCLOSURES

News & Analysis at your fingertips.