EUR/USD Technical Analysis: Euro Sets New 8-Month Low
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3345, 1.3291, 1.3248
- Resistance:1.3345, 1.3432, 1.3461
The Euro resumed its push downward against the US Dollar after completing a Triangle continuation chart formation. Near-term support is at 1.3291, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.3248. Alternatively, a turn above the 23.6% Fib at 1.3345 opens the door for a test of the August 8 high at 1.3432.
We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains open to capture any further downside momentum with a stop-loss adjusted 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.