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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, Head Strategist, APAC
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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.

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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.

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