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EUR/USD Technical Analysis: Bounce to Yield Short Entry

EUR/USD Technical Analysis: Bounce to Yield Short Entry

2015-01-20 01:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support:1.1558, 1.1462, 1.1366
  • Resistance:1.1620, 1.1720, 1.1882

The Euro may be readying to launch a recovery against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 1.1620 exposes the 23.6% level at 1.1720. Alternatively, a turn below the 38.2% Fib expansion at 1.1558 opens the door for a challenge of the 50% threshold at 1.1462.

We expect any on-coming EURUSD strength to be corrective, in line with our long-term outlook. With that in mind, we will treat upside momentum as an opportunity to enter short at a more attractive level and remain on the sidelines in the interim.

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

EUR/USD Technical Analysis: Bounce to Yield Short Entry

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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