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EUR/USD Technical Analysis: Looking to Re-Enter Short

EUR/USD Technical Analysis: Looking to Re-Enter Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Launches Sharp Recovery Against US Dollar on China-Inspired Risk Aversion
  • Waiting to Re-Establish Short Position in Line with Dominant Bearish Trend Bias

The Euro soared against the US Dollar to reclaim a foothold above the 1.09 figure after China-inspired risk aversion fueled unwinding of carry trades funded in the single currency. Notably, the down trend marked by the series of lower highs and lows established from mid-December remains intact.

From here, a daily close above falling trend line resistance at 1.0936 opens the door for another challenge of the December 15 high at 1.1060. Alternatively, a push back below the horizontal pivot at 1.0819 paves the way for a test of the January 5 low at 1.0711.

Our short EUR/USD position from 1.0747 has been stopped out but the dominant trend continues to favor the downside from both the near- and long-term perspectives. With that in mind, we will move to the sidelines and monitor price action for another selling opportunity in the days ahead.

Losing Money Trading Forex? This Might Be Why.

EUR/USD Technical Analysis: Looking to Re-Enter Short

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