News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: EUR/USD Technical Analysis – Breakdown Confirmation Pending

Forex: EUR/USD Technical Analysis – Breakdown Confirmation Pending

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3779 (38.2% Fib ret., channel floor), 1.3721 (50% Fib ret.)
  • Resistance: 1.3850 (23.6% Fib ret.), 1.3966 (Mar 13 high)

The Euro turned lower as expected against the US Dollar but confirmation of a larger reversal remains absent for the time being. Near-term support is at 1.3779, marked by a rising channel bottom and the 38.2% Fibonacci retracement. We will look for a break below this barrier on a daily closing basis to look for selling opportunities in line with our long-term fundamental outlook. Such a move would initially expose the 50% level at 1.3721. Alternatively, a daily close above the 23.6% Fib at 1.3850 targets the March 13 high at 1.3966.

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 – Breakdown Confirmation Pending

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