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EUR/USD Technical Analysis: Looking to Sell on Bounce

EUR/USD Technical Analysis: Looking to Sell on Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short at 1.2710
  • Support: 1.2500, 1.2316, 1.2140
  • Resistance:1.2749, 1.2852, 1.3070

The Euro looks to be resuming the down trend against the US Dollar after correcting upward from the 1.25 figure. Near-term support is in the 1.2500-34 area, marked by the October 3 low and the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.2316. Alternatively, a reversal above channel support-turned-resistance at 1.2749 opens the door for a test of the 23.6% Fib retracement at 1.2852.

Risk/reward conditions are skewed against entering short at present and we will set a pending order to sell the pair in line with our long-term fundamental outlook at 1.2710. If triggered, the position will initially target 1.2534 with a stop-loss activated on a daily close above 1.2886.

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

EUR/USD Technical Analysis: Looking to Sell on Bounce

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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