EUR/USD Technical Analysis: Probing Below 1.26 Mark
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- EUR/USD Technical Strategy: Short at1.3644
- Support: 1.2602, 1.2532, 1.2445
- Resistance:1.2673, 1.2760, 1.2796
Euro selling pressure swiftly returned after a brief respite, with prices sliding to the lowest level in over two years. A daily close below the 50% Fibonacci expansion at 1.2602 exposes the 61.8% level at 1.2532. Alternatively, a move above the 1.2659-73 area marked by the November 2012 low and the 38.2% Fib clears the way for a challenge of the 1.2754-60 zone bracketed by the July 2013 bottom and the 23.6% expansion.
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.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com