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Forex: EUR/USD Technical Analysis – Critical Channel Floor Tested

Forex: EUR/USD Technical Analysis – Critical Channel Floor Tested

2014-03-26 00:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3779-81 (38.2% Fib ret., channel floor), 1.3721 (50% Fib ret.)
  • Resistance: 1.3850 (23.6% Fib ret.), 1.3876 (trend line)

An actionable short Euro trade setupin line with our long-term fundamental outlook remains elusive after an expected move lower the US Dollar. The spotlight is on support in the 1.3779-1.38 area, marked by the 38.2% Fibonacci retracement and a rising channel bottom set from late January. We will look for a daily close below this boundary to confirm reversal and position for selling opportunities. The break lower would initially expose the 50% level at 1.3721. Alternatively, a breach above the 23.6% Fib at 1.3850 would target recently broken rising trend line support-turned-resistance at 1.3876.

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 – Critical Channel Floor Tested

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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