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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EUR/USD Technical Analysis: Short Trade Setup Established

EUR/USD Technical Analysis: Short Trade Setup Established

Ilya Spivak,

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0888, 1.0814, 1.0740
  • Resistance:1.1047, 1.1121, 1.1195

The Euro put in a bearish Evening Star candlestick pattern, hinting the down trend against the US Dollar may be resuming. Near-term support is at 1.0888, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 1.0814-18 area (50% level, May 27 low). Alternatively, a turn above the 38.2% Fib retracement at 1.1047 clears the way for a test of the 50% threshold at 1.1121.

While it is tempting to enter short in line with our long-term outlook, prices are too close to support to justify pulling the trigger at market from a risk/reward perspective. Instead, we will establish a pending order to sell the pair at 1.1008. If triggered, the trade will initially target 1.0888.

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

--- Written by Ilya Spivak, Currency Strategist for

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