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EUR/USD Technical Analysis: Aiming to Clear November Low

EUR/USD Technical Analysis: Aiming to Clear November Low

2014-11-24 05:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2334, 1.2272, 1.2194
  • Resistance:1.2397, 1.2494, 1.2559

The Euro looks to have resumed its decline against the US Dollar after prices recoiled from trend line resistance set from mid-October. Near-term support is at 1.2334, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 1.2271. Alternatively, a turn above the 38.2% Fib at 1.2397clears the way for a challenge of trend line support support-turned-resistance at 1.2494.

We entered short EURUSD at 1.2710 in line with our long-term fundamental outlook and have since 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).

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

EUR/USD Technical Analysis: Aiming to Clear November Low

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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