EUR/USD Technical Analysis: Support Now Below 1.23 Mark
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- EUR/USD Technical Strategy: Short at 1.2710
- Support: 1.2286, 1.2145, 1.1969
- Resistance:1.2428, 1.2603, 1.2689
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 50% Fibonacci expansion at 1.2286 exposes the 61.8% level at 1.2145. Alternatively, a turn above the 38.2% Fib at 1.2428 opens the door for a test of the 23.6% expansion at 1.2603.
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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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com