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EUR/USD Technical Analysis: Positioning Turns Conflicted

EUR/USD Technical Analysis: Positioning Turns Conflicted

2014-08-08 04:21:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3316, 1.3277, 1.3238
  • Resistance:1.3365, 1.3419, 1.3472

The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A narrow break below the 23.6% Fibonacci expansion at 1.3365 has exposed the 38.2% level at 1.3316. Pushing further below that aims for the 50% Fib at 1.3277. Positive RSI divergence hints an upturn may be ahead, with a move above 1.3365 targeting the 23.6% Fib retracement at1.3419.

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.

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

EUR/USD Technical Analysis: Positioning Turns Conflicted

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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