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EUR/USD Technical Analysis – Looking for Renewed Selling

EUR/USD Technical Analysis – Looking for Renewed Selling

2014-06-04 00:33:00
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 remains vulnerable to continued losses as prices consolidate near the 1.36 figure to the US Dollar. Sellers are aiming to challenge the 61.8% Fibonacci retracement at 1.3561, with a 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 – Looking for Renewed Selling

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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