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EUR/USD Technical Analysis: Down Move Stalls Above 1.24

EUR/USD Technical Analysis: Down Move Stalls Above 1.24

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2428, 1.2286, 1.2145
  • Resistance:1.2603, 1.2713, 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 1.2428 exposes the 50% level at 1.2286. Alternatively, a turn above the 23.6% Fib at 1.2603 opens the door for a test of trend line resistance at 1.2713.

We sold EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The remainder of the trade is open to capture any further downside momentum with a stop-loss trailed to breakeven (1.2710).

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EUR/USD Technical Analysis: Down Move Stalls Above 1.24

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.