EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3248, 1.3190-204, 1.3151
- Resistance:1.3291, 1.3345, 1.3432
The Euro managed to break a three-day losing streak against the US Dollar after slumping to the lowest level in eleven months. Near-term support is at 1.3248, the 50% Fibonacci expansion, with a daily close below that exposing the 1.3190-204 area marked by the 61.8% level and a falling channel floor. Alternatively, a turn above 38.2% Fib expansion at 1.3291 clears the way for a challenge of the 23.6% expansion at 1.3345.
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 is open to capture further weakness with a stop-loss at breakeven.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com