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Forex: EUR/USD Technical Analysis – Short Entry Setup Sought

Forex: EUR/USD Technical Analysis – Short Entry Setup Sought

2014-04-08 04:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3663 (channel floor)
  • Resistance: 1.3814-30 (channel top, 23.6% Fib exp.), 1.3928 (38.2% Fib exp.)

The Euro found support at the bottom of a falling channel set from mid-March after declining as expected against the US Dollar. A bounce from here targets the 1.3814-30 area, marked by the channel top and the 23.6% Fibonacci expansion, with a break higher exposing the 38.2% level at 1.3928. Near-term support lines up at the channel bottom, now at 1.3663.

Our long-term fundamental outlook calls for a weaker Euro against the greenback, but entering short at current levels looks unattractive from a risk/reward perspective. We will remain on the sidelines for now, aiming for a continued correction higher to provide a better selling opportunity in the days ahead.

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dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Short Entry Setup Sought

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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