EUR/USD Technical Analysis: Bounce Sees Resistance Above 1.34
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3415, 1.3366, 1.3294
- Resistance:1.3445, 1.3493, 1.3533
The Euro fell as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. A corrective bounce sees prices eyeing resistance at 1.3445, the 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes 1.3493, the intersection of the 38.2% level and a falling channel top. Alternatively, a reversal below the 14.6% Fib at 1.3415 clears the way for another test of the November 8 2013 close at 1.3366.
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.
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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.