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EUR/USD Technical Analysis: Short Position Still in Play

EUR/USD Technical Analysis: Short Position Still in Play

Ilya Spivak, Head Strategist, APAC

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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, 1.3613, 1.3650

The Euro fell as expected after prices produced a bearish Evening Star candlestick pattern, sinking to the lowest level in a monthagainst US Dollar. Sellers are testing support in the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low). A daily close below this boundary initially exposes 1.3454 (50% Fib). Alternatively, move back above 1.3583 (23.6% Fib) targets a falling trend line at 1.3613, followed by the July 10 high at 1.3650.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The stop-loss on our remaining exposure has been moved to the breakeven level.

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

EUR/USD Technical Analysis: Short Position Still in Play

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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