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EUR/USD Technical Analysis: Forming a Near-Term Bottom?

EUR/USD Technical Analysis: Forming a Near-Term Bottom?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at1.3644
  • Support: 1.2864, 1.2794, 1.2708
  • Resistance:1.2981, 1.3057, 1.3104

The Euro may be carving out a near-term bottom against the US Dollar after producing a bullish Piercing Line candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.2981 exposes the 23.6% level at 1.3057. Alternatively, a turn below the 50% Fib expansion at 1.2864 opens the door for a test of the 61.8% threshold at 1.2794.

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.

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

EUR/USD Technical Analysis: Forming a Near-Term Bottom?

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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