EUR/USD Technical Analysis: Euro Aiming Below 1.24 Figure
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- EUR/USD Technical Strategy: Short at 1.2710
- Support: 1.2316, 1.2140, 1.1963
- Resistance:1.2534, 1.2723, 1.2886
The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 38.2% Fibonacci expansion at 1.2316 exposes the 50% level at 1.2140. Alternatively, a turn above the 1.2500-34 area (October 3 low, 23.6% Fib) clears the way for a challenge of trend line resistance at 1.2723.
We entered short EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The rest of the trade remains open to capture any further downside momentum with a stop-loss at breakeven (1.2710).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com