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EUR/USD Technical Analysis – Selloff Pauses Near 1.36 Mark

EUR/USD Technical Analysis – Selloff Pauses Near 1.36 Mark

2014-06-02 00:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3654
  • Support: 1.3561 (61.8% Fib ret.), 1.3459-76 (Feb 3 low, 76.4% Fib ret.)
  • Resistance:1.3643 (50% Fib ret.), 1.3726 (38.2% Fib ret.)

The Euro appears likely to continue lower after prices slumped to the lowest level in almost four months against the US Dollar. Sellers are now aiming to challenge the 61.8% Fibonacci retracement at 1.3561, with daily close below that exposing the 1.3458-76 area marked by the February 3 low and the 76.4% level. Alternatively, a turn above resistance at 1.3643, the 50% Fib clears the way for a test of the 38.2% retracement at 1.3726.

We entered short EURUSD at 1.3654 and subsequently booked profit on half of the position. The rest of the trade remains open to take advantage of any further weakness, in line with our long-term fundamental outlook. The stop-loss is now at the breakeven level.

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EUR/USD Technical Analysis – Selloff Pauses Near 1.36 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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