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Forex: EUR/USD Technical Analysis – Confirmation Sought to Sell

Forex: EUR/USD Technical Analysis – Confirmation Sought to Sell

2014-03-12 02:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.3800-31 (former resistance), 1.3765 (channel bottom)
  • Resistance: 1.3892-1.3911 (Dec 27 high, 38.2% Fib exp.), 1.3939 (channel top)

The Euro is making cautious headway downward against the US Dollar as expected after showing a Shooting Star candlestick below resistance in the 1.3892-1.3911 area, marked by the December 27 high and the 38.2% Fibonacci expansion. Support is in the 1.3800-31 region, a former double top, with a drop back through that eyeing a rising channel bottom at 1.3765. Alternatively a break above resistance targets the channel top at 1.3939

Our long-term fundamental outlook favors losses but risk/reward considerations argue against entering short for now. We will wait for confirmation on a daily close below the channel bottom to initiate the trade.

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dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Confirmation Sought to Sell

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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