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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD Technical Analysis: Bounce to Yield Short Trade

EUR/USD Technical Analysis: Bounce to Yield Short Trade

Ilya Spivak, Head Strategist, APAC

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 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!

EUR/USD Technical Analysis: Bounce to Yield 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.

DISCLOSURES