EUR/USD Technical Analysis: Support Now Below 1.31 Figure
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- EUR/USD Technical Strategy: Short at1.3644
- Support: 1.3064, 1.3016, 1.2977
- Resistance:1.3151, 1.3204, 1.3248
The Euro continues to push downward against the US Dollar, with prices now targeting support below the 1.31 figure. Near-term support is at1.3064, 100% Fibonacci expansion, with a break below that on a daily closing basis exposinga falling channel floor at 1.3016. Alternatively, a reversal above the 76.4% Fib at 1.3151 clears the way for a challenge of the 61.8% expansion at 1.3204.
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 any further downside momentum with a stop-loss at 1.3583, our initial objective
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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.