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EUR/USD Technical Analysis: Holding Short for 1.35 Mark

EUR/USD Technical Analysis: Holding Short for 1.35 Mark

2014-07-16 01:13:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3502-12, 1.3454, 1.3396
  • Resistance:1.3583-1.36, 1.3650, 1.3689

The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. Sellers are now targeting the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low), with a break below that on a daily closing basis exposing 1.3454 (50% Fib). Alternatively, a turn above the 1.3583-1.36 area (23.6% Fib, trend line) exposes 1.3650 (July 10 high).

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook. We have since booked profit on half of the position. The remainder remains active with a stop-loss at the breakeven level to capture any further weakness in the days ahead.

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EUR/USD Technical Analysis: Holding Short for 1.35 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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