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EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak

EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak

2014-08-22 03:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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.

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

EUR/USD Technical Analysis: Euro Snaps 3-Day Loss Streak

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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