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: Top in Place Below 1.15 Figure?

EUR/USD Technical Analysis: Top in Place Below 1.15 Figure?

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Candlestick Pattern Hints Euro Down Move May Be Brewing Ahead
  • Risk/Reward Considerations Argue Against Taking Short Position

The Euro put in a bearish Dark Cloud Cover candlestick pattern, hinting a larger downward reversal against US Dollar may be ahead. Prices launched aggressively higher in the aftermath of last week’s FOMC monetary policy announcement – rising the most in three weeks – but have since erased nearly all of the advance after finding resistance above the 1.14 figure.

Near-term support is now at 1.1220, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opens the door for a challenge the 50% level at 1.1146. Alternatively, a move back above the 23.6% Fib at 1.1311 clears the way for a test of the 14.6% expansion at 1.1368.

Risk/reward considerations argue against taking a trade at current levels. At 99 pips, the available trading range is smaller than 20-day ATR, which suggests prices are wedged too closely between near-term support and resistance to make for a workable setup. We will remain on the sidelines for now.

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

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