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EUR/USD Technical Analysis – Rally Stalls at March Top

EUR/USD Technical Analysis – Rally Stalls at March Top

2014-05-07 23:27:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3873 (falling trend line), 1.3801 (rising trend line)
  • Resistance: 1.3932 (Mar 18 close), 1.4020 (Wedge top)

The Euro has met important technical resistance against the US Dollar after rising to the highest level in nearly two months. Prices are testing the March 18 close at 1.3932, with a break above that exposing the top of a large Rising Wedge formation at 1.4020. Falling trend line resistance-turned-support stands at 1.3873, with a daily close back below that aiming for an upward-sloping barrier set from early February, now at 1.3801.

We continue to expect Euro weakness in line with our long-term fundamental outlook. An actionable short entry signal is absent however and we will remain on the sidelines for the time being.

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EUR/USD Technical Analysis – Rally Stalls at March Top

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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