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EUR/USD Technical Analysis: Euro Aiming Below 1.24 Figure

EUR/USD Technical Analysis: Euro Aiming Below 1.24 Figure

2014-11-04 06:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • 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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EUR/USD Technical Analysis: Euro Aiming Below 1.24 Figure

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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