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EUR/USD Technical Analysis: Support Met Below 1.36 Mark

EUR/USD Technical Analysis: Support Met Below 1.36 Mark

2014-07-09 00:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3583, 1.3502-12, 1.3454
  • Resistance:1.3653, 1.3689, 1.3747

The Euro fell against the US Dollar as expected after the pair produced a bearish Evening Star candlestick pattern below the 1.37 figure. A daily close below support is at 1.3583, the 23.6% Fibonacci expansion, targets the 1.3502-12 area marked by the June 5 low and the 38.2% level. Alternatively, a turn above rising trend line support-turned-resistance at 1.3653 clears the way for a challenge of the 38.2% Fibonacci retracement at 1.3689.

Our long-term fundamental outlook favors selling the Euro but prices are too close to support to justify a short from a risk/reward perspective at current levels. We will remain on the sidelines until an actionable setup presents itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Support Met Below 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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