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EUR/USD Technical Analysis: Down Trend May Be Resuming

EUR/USD Technical Analysis: Down Trend May Be Resuming

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1207
  • Euro breaks monthly uptrend, hints dominant down move is resuming
  • Short position triggered, targeting just below 1.11 figure vs. US Dollar

The Euro declined against the US Dollar as expected after putting in a bearish Harami candlestick pattern following a test of trend line support-turned-resistance. A break of support guiding prices higher since late July now hints the longer-term down trend is resuming.

From here, a break below the 38.2% Fibonacci expansion at 1.1097 opens the door for a test of the 50% level at 11014. Alternatively, a daily close above resistance in the 1.1200-15 area (23.6% Fib, trend line) sees the next upside barrier at 1.1263, the 14.6% expansion.

An intraday gap-filling bounce has offered acceptable risk/reward parameters and a short trade has been triggered at 1.1207, initially targeting 1.1097. A stop-loss will be activated on a daily close above 1.1263. Half of the position will be booked and the stop-loss trailed to breakeven when the first objective is met.

What do past EUR/USD price patterns hint about where prices are going? Find out here !

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