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EUR/USD Technical Analysis: First Profit Target in Sight

EUR/USD Technical Analysis: First Profit Target in Sight

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3583, 1.3502-12, 1.3454
  • Resistance:1.3674-89, 1.3747, 1.3805

The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. A break below the 23.6% Fibonacci expansion at 1.3583 exposes the 1.3502-12 area, marked by the June 5 low and the 38.2% level.Alternatively, a move above the 1.3674-89 area, marked by a rising trend lien and the 38.2% Fib retracement, opens the door for a test of the 50% threshold at 1.3747.

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook, targeting 1.3583. A stop-loss will trigger on a close above 1.3700.We will take profit on half of the trade and move the stop-loss to breakeven on the remainder of the position once the first target is met.

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EUR/USD Technical Analysis: First Profit Target in Sight

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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