News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD Technical Analysis: Stalling After Sub-1.30 Plunge

EUR/USD Technical Analysis: Stalling After Sub-1.30 Plunge

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

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 is in digestion mode after plummeting below the 1.30 figure against the US Dollar for the first time in over a year. Near-term support is at 1.2933, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.2864. Alternatively, a reversal above the intersection of the 23.6% Fib and channel floor support-turned-resistance at 1.3020 clears the way for a challenge of the 14.6% expansion at 1.3073.

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.

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

EUR/USD Technical Analysis: Stalling After Sub-1.30 Plunge

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.

DISCLOSURES