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.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Bitcoin
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
EUR/USD Technical Analysis – Euro Sinks to 1-Month Low

EUR/USD Technical Analysis – Euro Sinks to 1-Month Low

2014-05-14 01:10:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3673-86 (61.8% Fib exp., wedge floor), 1.3598 (76.4% Fib exp.)
  • Resistance: 1.3734 (50% Fib exp.), 1.3795 (38.2% Fib exp.)

The Euro continued to sink for a fifth consecutive day having produced a double top below the 1.40 figure against the US Dollar. Support is now in the 1.3673-86 area, marked by the 61.8% Fibonacci retracement and the bottom of a rising wedge chart formation in play since late last year. A break downward on a daily closing basis exposes the 76.4% level at 1.3598. Alternatively, a reversal back above the 50% Fib at 1.3734 targets the 38.2% retracement at 1.3795.

We are looking to enter short in line with long-term fundamental outlook but the pair is too close to relevant support to justify a trade from a risk/reward perspective. We will remain flat for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

EUR/USD Technical Analysis – Euro Sinks to 1-Month Low

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

News & Analysis at your fingertips.