Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
EUR/USD Technical Analysis: Euro Erases 2016 Gains vs. US Dollar

EUR/USD Technical Analysis: Euro Erases 2016 Gains vs. US Dollar

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Euro has erased all of the year’s against the US Dollar, with prices slipping back below the 1.06 figure to revisit levels unseen since December 2015. Preliminary signs of emerging positive RSI divergence suggest downside momentum may be ebbing and hint a bounce may be ahead.

Near-term resistance is at 1.0715, the 76.4% Fibonacci expansion, with a daily close above that opening the door for a retest of the 1.0826-51 area (October 25 low, 61.8% level). Alternatively, a push below support in the 1.0517-34 area (December 2015 low, 100% level) exposes the 123.6% expansion at 1.0353.

The EUR/USD short position activated at 1.0700 has hit its initial target at 1.0534 and profit has been booked on half of the trade. Remaining exposure will remain open for now, looking to capture any follow-on weakness. The stop-loss has been adjusted to the breakeven level.

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.