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EUR/USD Technical Analysis: Euro Selloff Gains Momentum

EUR/USD Technical Analysis: Euro Selloff Gains Momentum

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Euro finally punctured support at the bottom of a consolidation range committing prices to a choppy sideways drift since late August. The move may mark continuation on an expected reversal following topping below the 1.14 that has heretofore struggled for meaningful follow-through.

Near-term support is now at 1.1014, the 50% Fibonacci expansion, with a daily close below that paving the way for a challenge of the 1.0931-52 zone (61.8% level, July 25 low). Alternatively, a reversal above the 1.1097-1.1123 area (August 31 low, 38.2% Fib) opens the door for a test of the 23.6% expansion at 1.1200.

A short EUR/USD positionwas activated at 1.1207 and partial profit has been taken after prices reached the setup’s initial target. The rest of the trade remains in play to capture any further weakness. The stop-loss now stands at the breakeven level (1.1207).

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.