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EUR/USD Technical Analysis – Selloff Stalls Near 1.38 Mark

EUR/USD Technical Analysis – Selloff Stalls Near 1.38 Mark

2014-04-17 00:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
  • Resistance: 1.3905 (Apr 11 high)

The Euro is stalling at chart support just below the 1.38 figure against the US Dollar having found resistance near the 1.39 mark. A break below support at 1.3793 marked by the 38.2% Fibonacci expansion on a daily closing basis initially exposes the 50% level at 1.3758. The first layer of significant resistance is at 1.3905, the April 11 swing high.

Our long-term fundamental outlook continues to argue for Euro weakness. Prices are too close to near-term support to justify a short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines until a more attractive opportunity presents itself.

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dailyclassics_eur-usd_body_Picture_12.png, EUR/USD Technical Analysis – Selloff Stalls Near 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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