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EUR/USD Technical Analysis: Key Support Seen Above 1.27

EUR/USD Technical Analysis: Key Support Seen Above 1.27

2014-09-24 22:23:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • 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.

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EUR/USD Technical Analysis: Key Support Seen Above 1.27

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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