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EUR/USD Technical Analysis: Euro Aims to Test 1.12 Mark

EUR/USD Technical Analysis: Euro Aims to Test 1.12 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1317
  • Euro vulnerable to deeper losses after largest 2-day drop in a month
  • Short position entered, aiming for descent to challenge the 1.12 figure

The Euro appears vulnerable to deeper losses against the US Dollar after the single currency suffered the largest two-day loss in a month. Prices turned lower as expected after putting in a Shooting Star candlestick having found resistance above the 1.16 figure.

Near-term support is in the 1.1196-1.1215 area (38.2% Fibonacci retracement, April 25 low, with a break below that on a daily closing basis opening the door for a test of the 50% level at 1.1067. Alternatively, a reversal above the 23.6% Fib at 1.1357 paves the way for a challenge of the 14.6% retracement at 1.1456.

Technical positioning appears indicative of further weakness and risk/reward parameters seem acceptable to trade that expectation. As such, a short position has been triggered at 1.1317, initially targeting 1.1215. A stop-loss will be activated on a daily close above 1.1370, the May 10 close. Half of the position will be closed and the stop-loss adjusted to breakeven when prices hit the first objective.

What does FXCM traders’ Euro positioning say about the trend? Find out here!

EUR/USD Technical Analysis: Euro Aims to Test 1.12 Mark

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

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