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Forex: EUR/USD Technical Analysis – Support Met Below 1.38 Mark

Forex: EUR/USD Technical Analysis – Support Met Below 1.38 Mark

2014-03-24 03:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.3779 (38.2% Fib ret.), 1.3721 (50% Fib ret.)
  • Resistance: 1.3800 (horizontal pivot), 1.3850 (23.6% Fib ret.)

The Euro declined against the US Dollaras expected, breaking rising channel set from early February and pushing below the 1.38 figure. The pair is now testing the 38.2% Fibonacci retracement at 1.3779, with a conclusive break downward exposing the 50% level at 1.3721. Alternatively, a reversal back above the 1.38 mark aims for the 23.6% Fib at 1.3850.

Prices are too close to relevant support to justify a short position in line with our long-term fundamental outlook from a risk/reward perspective. We will remain flat for now, waiting for a more attractive setup to present itself.

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dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Support Met Below 1.38 Mark

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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