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EUR/USD Technical Analysis: Waiting to Re-Enter Short Trade

EUR/USD Technical Analysis: Waiting to Re-Enter Short Trade

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2362, 1.2246, 1.2147
  • Resistance:1.2501, 1.2658, 1.2913

The Euro paused to consolidate gains having reversed higher as expected after putting in a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.2501 exposes the 23.6% level at 1.2658. Alternatively, a turn below wedge top resistance-turned-support at 1.2362 opens the door for a challenge of the December 8 low at 1.2246.

Our long-term fundamental outlook calls for EURUSD weakness. With that in mind, we will treat any oncoming gains as corrective and use the move to look for selling opportunities rather than a long trade setup in its own right.

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

EUR/USD Technical Analysis: Waiting to Re-Enter Short Trade

Daily Chart - Created Using FXCM Marketscope

--- 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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