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EUR/USD Technical Analysis: Bounce to Yield Short Trade

EUR/USD Technical Analysis: Bounce to Yield Short Trade

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Talking Points:

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

The Euro may have set a bottom against the US Dollar after producing a Bullish Engulfing candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 1.1872 exposes the 23.6% level at 1.1946. Alternatively, a turn back below the 123.6% Fib expansion at 1.1777 opens the door for a challenge of the 138.2% threshold at 1.1684.

Our long-term outlook calls for EURUSD weakness. With that in mind, we will look to any on-coming upside as corrective, treating it as a chance to enter short at a more attractive level rather than a buying 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.