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EUR/USD Technical Analysis: Prices Retreat Below 1.24 Mark

EUR/USD Technical Analysis: Prices Retreat Below 1.24 Mark

2014-12-18 04:59:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2324, 1.2249, 1.2173
  • Resistance:1.2418, 1.2569, 1.2676

The Euro turned sharply lower against the US Dollar, with sellers reclaiming a foothold below the 1.24 figure. A daily close below the intersection of falling wedge top resistance-turned-support and the 38.2% Fibonacci expansion at 1.2324 exposes the 50% level at 1.2249. Alternatively, a turn above the 23.6% Fib at 1.2418 opens the door for a challenge of the December 16 high at 1.2569.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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EUR/USD Technical Analysis: Prices Retreat Below 1.24 Mark

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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