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EUR/USD Technical Analysis: Selloff Stalls at One-Year Low

EUR/USD Technical Analysis: Selloff Stalls at One-Year Low

2014-09-03 04:17:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/USD Technical Strategy: Short at1.3644
  • Support: 1.3104, 1.3064, 1.3007
  • Resistance:1.3151, 1.3204, 1.3248

The Euro decline against the US Dollar has paused for a respite after prices sank to the lowest level in a year. A daily close belowthe September 2013 swing low at 1.3104 exposes the 100% Fibonacci expansion at 1.3064. Alternatively, a turn above the 76.4% Fib at 1.3151opens the door for a test of the 61.8% expansion at 1.3204.

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 remains open to capture any further downside momentum with a stop-loss at 1.3583, our initial objective.

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EUR/USD Technical Analysis: Selloff Stalls at One-Year Low

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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