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EUR/USD Technical Analysis: Euro Eyeing One-Year Lows

EUR/USD Technical Analysis: Euro Eyeing One-Year Lows

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3151, 1.3048-64, 1.2977
  • Resistance:1.3204, 1.3248, 1.3291

The Euro remains under heavy selling pressure, descending to the weakest level in almost a year against the US Dollar. A daily close below the 76.4% Fibonacci expansion at 1.3151 exposes the 1.3048-64 area marked by the 100% level and a falling channel floor. Alternatively, a reversal above the 61.8% Fib at 1.3204 clears the way for a challenge of the 50% expansion at 1.3248.

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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EUR/USD Technical Analysis: Euro Eyeing One-Year Lows

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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