EUR/USD Technical Analysis: Euro Sets New 9-Month Low
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3365, 1.3316, 1.3277
- Resistance:1.3445, 1.3493, 1.3533
The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 1.3365, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.3316. Alternatively, a reversal above resistance at 1.3445, the 23.6% Fib retracement, aims for the intersection of the 38.2% threshold and a falling channel top at 1.3493.
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 of the trade remains active with a stop-loss at the breakeven level.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com