EUR/USD Technical Analysis: Holding Short at 11-Month Low
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3248, 1.3195-204, 1.3151
- Resistance:1.3291, 1.3345, 1.3432
The Euro accelerated downward against the US Dollar after carving out a Triangle chart formation, hitting the lowest level in 11 months. A daily close below the 50% Fibonacci expansion at 1.3248 exposes the 1.3195-1.3204 area, marked by the 61.8% level and a falling channel floor. Alternatively, a turn above the 38.2% Fib expansion at 1.3291 opens the door for a test of the 23.6% threshold at 1.3345.
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 rest remains open to capture continued downside momentum. The stop-loss is now at 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.