News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
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
USD/JPY
Bullish
More View more
EUR/USD Technical Analysis – Continuing to Hold Short

EUR/USD Technical Analysis – Continuing to Hold Short

Ilya Spivak, Head Strategist, APAC

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

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 falling 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 sold EURUSD at 1.3654 in line with our long-term fundamental outlook and have since booked profit on half of the position. The remainder of the trade will remain open to take advantage of any further downward momentum. The stop-loss has been revised to the breakeven level.

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

EUR/USD Technical Analysis – Continuing to Hold Short

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