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EUR/USD Technical Analysis: Aiming Below 1.11 Figure

EUR/USD Technical Analysis: Aiming Below 1.11 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1317
  • Euro issues the largest daily drop in a month against the US Dollar
  • Partial profits taken after short position hits first target above 1.12

The Euro resumed its decline against the US Dollar following a brief digestion period, with the exchange rate now aiming to test below the 1.11 figure. The single currency marked a top as expectedafter prices produced a dramatic Shooting Star candlestick near the 1.16 threshold.

Near-term support is at 1.1067, the 50% Fibonacci retracement, with a break below that confirmed on a daily closing basis exposing the 61.8% level at 1.0937. Alternatively, a reversal back above support-turned-resistance marked by the April 25 low at 1.1215 exposes the 23.6% Fib at 1.1357.

A short EUR/USD position was activated at 1.1317. Subsequently, partial profits were taken as prices met the setup’s initial objective. The rest of the trade remains active, looking to capture deeper losses in the days ahead. The stop-loss has been adjusted to the breakeven level.

Are FXCM traders long or short the Euro, and what does it mean? Find out here!

EUR/USD Technical Analysis: Aiming Below 1.11 Figure

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