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EUR/USD Technical Analysis: Near-Term Bias Remains Bearish

EUR/USD Technical Analysis: Near-Term Bias Remains Bearish

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1207
  • Euro back at familiar range support near 1.11 figure vs. US Dollar
  • Technical setup hints near-term trend bias remains bearish for now

The Euro slid back to the bottom half of its recent range near 1.11 against the US Dollar after an expected rebound fizzled above the 1.12 figure. Positioning seems to suggest that the break of the uptrend from late-July lows remains valid, arguing for a cautiously bearish bias in the near term.

Immediate support is in the 1.1097-1.1123 area (August 31 low, 38.2% Fibonacci expansion). A break below that on a daily closing basis opens the door for a challenge of the 50% level at 1.1014. Alternatively, a turn back above the 23.6% Fib at 1.1200 paves the way for another test of the 14.6% expansion at 1.1263.

A short EUR/USD trade was triggered at 1.1207. While progress has been slow, the path of least resistance continues to favor the downside. As such, the position will remain in play with an initial target at 1.1097 and a stop-loss activated on a daily close above 1.1263.

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EUR/USD Technical Analysis: Near-Term Bias Remains Bearish

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