EUR/USD Technical Analysis: Key Support Seen Above 1.27
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/USD Technical Strategy: Short at1.3644
- Support: 1.2754, 1.2673, 1.2602
- Resistance:1.2813, 1.2900, 1.2994
The Euro raced downward to tag a 14-month low against the US Dollar, losing its foothold above the 1.28 figure. Near-term support is in the 1.2754-60 area marked by the July 2013 low and the 38.2% Fibonacci expansion. A break below that on a daily closing basis exposes the 38.2% level at 1.2673. Alternatively, reversal above the 14.6% Fib at 1.2813 clears the way for a challenge of the September 23 high at 1.2900.
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!
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.