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
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
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
USD/JPY
Bullish
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
Forex: EUR/USD Technical Analysis – Euro Hits Two-Month High

Forex: EUR/USD Technical Analysis – Euro Hits Two-Month High

2014-03-07 03:56:00
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: 1.3800-31 (former resistance), 1.3733 (channel bottom)
  • Resistance: 1.3892-1.3911 (Dec 27 high, 38.2% Fib exp.), 1.4045 (50% Fib exp.)

The Euro advanced after a status-quo ECB policy announcement as expected, hitting a two-month high against the US Dollar. The bulls now aim to challenge the 1.3892-1.3911 region, marked by the December 27 high and the 38.2% Fibonacci expansion. A break above this boundary targets the 50% Fib at 1.4045. Alternatively, a turn back below the 1.38 figure aims for rising channel support at 1.3733.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, a short trade in line with our long-term fundamental outlook looks premature absent a clear-cut reversal signal. As such, we will stand aside for now 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 – Euro Hits Two-Month High

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.