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EUR/USD Technical Analysis: Euro Sinks to Range Floor

EUR/USD Technical Analysis: Euro Sinks to Range Floor

Ilya Spivak,

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Talking Points:

The Euro has dropped back to support at the bottom of a range carved out after the currency topped below the 1.14 figure against the US Dollar, as expected. Follow-through has been tepid thus far but the series of lower highs since mid-August hints the dominant near-term bias favors the downside.

From here, a daily close below the 1.1097-1.1123 area (August 31 low, 38.2% Fibonacci expansion) opens the door for a test of the 50% level at 1.1014. Alternatively, a move back above the 23.6% Fib at 1.1200 paves the way for a challenge of 1.1263, the intersection of trend line resistance and the 14.6% expansion.

A short EUR/USD trade was triggered at 1.1207. The pair has now hit the amended profit target at 1.1123 and profit has been booked on half of the position. Remaining exposure will remain in play to capture any follow-on momentum. The stop-loss has been trailed to the breakeven level.

What do short-term EUR/USD price patterns hint about on-coming moves? Find out here !

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