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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
EUR/USD Technical Analysis: Aiming Below 1.11 Figure

EUR/USD Technical Analysis: Aiming Below 1.11 Figure

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

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 expected after 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 !

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