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EUR/USD Technical Analysis: Selloff Stalls Below 1.08 Mark

EUR/USD Technical Analysis: Selloff Stalls Below 1.08 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.0921
  • Euro Finds Interim Support Below 1.08 After Hitting 3-Week Low vs. US Dollar
  • Short Position Remains in Play as Dominant Trend Continues to Favor Weakness

The Euro found support below the 1.08 figure against the US Dollar having tumbled to the lowest level in three weeks following last week’s dovish ECB monetary policy announcement. Prices remain continue to edge downward within the confines of a falling channel in play since early December 2015.

Near-term support is at 1.0777, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis paving the way for a test the 1.0677-1.0711 area (channel floor, January 5 low). Alternatively, a push above the channel top, now at 1.0895, opens the door for a challenge of the December 15 high at 1.1060.

We entered short EUR/USD at 1.0921. Prices have since hit our initial target of 1.0819 and we have booked profits on half of the position. The remainder of the trade remains in play to capture further downside momentum, with a stop-loss adjusted to the breakeven level.

Want our quarterly forecast for the Euro? Get it here.

EUR/USD Technical Analysis: Selloff Stalls Below 1.08 Mark

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