Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
EUR/USD Technical Analysis: Sellers Overcome 2010 Bottom

EUR/USD Technical Analysis: Sellers Overcome 2010 Bottom

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.1777, 1.1684, 1.1609
  • Resistance:1.1929, 1.2080, 1.2173

The Euro fell for a fifth consecutive day to overcome a major multi-year support against the US Dollar. A daily close below the 123.6% Fibonacci expansion at 1.1777 exposes the 138.2 level at 1.1684. Alternatively, a turn back above the 1.1875-1.1929 area, marked by the June 2010 low and the 100% Fib, opens the door for a challenge of the 76.4% expansion at 1.2080.

Entering short in line with our long-term outlook seems tempting from a technical perspective. We are leery of chasing the US Dollar higher here however, particularly with the US Employment report looming ahead. With that in mind, we will tactically opt to remain flat and wait for a bounce to yield a selling opportunity.

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

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.