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EUR/USD Technical Analysis: Holding Short on 1.30 Breach

EUR/USD Technical Analysis: Holding Short on 1.30 Breach

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at1.3644
  • Support: 1.2933, 1.2864, 1.2794
  • Resistance:1.3020, 1.3073, 1.3104

The Euro slumped sharply lower against the US Dollar, with prices dropping below the 1.30 figure the first time in 14 months. A daily close below the 38.2% Fibonacci expansion at 1.2933 exposes the 50% level at 1.2864. Alternatively, a turn above the intersection of the 23.6% Fib and channel floor support-turned-resistance at 1.3020 opens the door for a test of the 14.6% expansion at 1.3073.

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: Holding Short on 1.30 Breach

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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