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EUR/USD Technical Analysis: 8-Week Down Trend Challenged

EUR/USD Technical Analysis: 8-Week Down Trend Challenged

2014-11-27 01:06:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2360, 1.2213, 1.1974
  • Resistance:1.2522, 1.2599, 1.2770

The Euro advanced to re-test the upper boundary of its 8-week down trend against the US Dollar having found a floor below the 1.24 figure. A daily close above trend line resistance at 1.2522 exposes the November 19 high at 1.2599. Alternatively, a reversal below the 14.6% Fibonacci expansion at 1.2360opens the door for a test of the 23.6% level at 1.2213.

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).

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

EUR/USD Technical Analysis: 8-Week Down Trend Challenged

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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