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EUR/USD Technical Analysis: Aiming Below 1.22 Figure

EUR/USD Technical Analysis: Aiming Below 1.22 Figure

2014-12-22 03:18:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2173, 1.2080, 1.1929
  • Resistance:1.2246, 1.2324, 1.2418

The Euro sank to a 28-month low against the US Dollar, with sellers now aiming to breach the 1.22 figure. A daily close below the 61.8% Fibonacci expansion at 1.2173 exposes the 76.4% level at 1.2080. Alternatively, a turn above the 50% Fib at 1.2249 opens the door for a challenge of the 38.2% expansion at 1.2324.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now and wait for a more actionable opportunity to present itself.

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

EUR/USD Technical Analysis: Aiming Below 1.22 Figure

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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