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EUR/USD Technical Analysis: Sellers Aim at December 2015 Low

EUR/USD Technical Analysis: Sellers Aim at December 2015 Low

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.0700
  • Euro puts in longest losing streak in over four years vs. US Dollar
  • Short trade activated at 1.07 aims for return to December 2015 low

The Euro fell for the eighth consecutive day against the US Dollar, breaching the 1.07 figure and marking the longest losing streak in over four years. The pair has faced heavy selling pressure as the greenback soared against a backdrop of firming Fed rate hike bets after the US presidential election.

Near-term support is now in the 1.0517-34 area (December 2015 low, 100% Fibonacci expansion), with a daily close below that exposing the 123.6% level at 1.0353. Alternatively, a reversal back above the 76.4% Fib at 1.0715 sees the next upside barrier in the 1.0826-51 zone (October 25 low, 61.8% expansion).

Prices have extended downward to a significant extent but previous episodes of significant trend change have delivered follow-on momentum even after sharp directional swings. With that in mind, a short trade has been triggered at 1.07, initially targeting 1.0534 with a stop-loss triggered on a daily close above 1.0715.

What are the fundamental trends driving the Euro in the fourth quarter? Find out here !

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