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EUR/USD Technical Analysis: Looking to Sell Above 1.11

EUR/USD Technical Analysis: Looking to Sell Above 1.11

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short at 1.1112
  • Euro breaks below 7-month rising trend support versus US Dollar
  • Waiting for improved risk/reward parameters to enter short trade

The Euro broke below rising trend line support guiding the recovery against the US Dollar since December 2015, suggesting the longer-term down trend may be resuming. The single currency plunged amid risk aversion in the aftermath of last week’s UK “Brexit” referendum.

From here, a daily close below the 50% Fibonacci expansion at 1.1018 opens the door for a challenge of the 61.8% level at 1.0876. Alternatively, a reversal back above 1.1159 (trend line support-turned-resistance, 38.2% Fib) sees the next upside barrier at 1.1393.

Selling EUR/USD is broadly compelling but prices are too close to support to justify entering the trade from a risk/reward perspective at this time. With that in mind, an entry order will be set to sell the pair at 1.1112. If triggered, the trade will target 1.1018 with a stop-loss activated on a daily close above 1.1159.

Track short-term EUR/USD levels and patterns with the GSI indicator !

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