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EUR/USD Technical Analysis: Inching Toward 1.60 Figure

EUR/USD Technical Analysis: Inching Toward 1.60 Figure

Ilya Spivak,

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Talking Points:

The Euro continues to edge lower against the US Dollar having established a top with the formation of a bearish Dark Cloud Cover candlestick pattern, as expected. Momentum has been painfully slow however, with ATR-measured volatility down the lowest level in over five months.

From here, a daily close below the 23.6% Fibonacci expansionat 1.0605 paves the way for a test of the February 22 low at 1.0494. Alternatively, a turn back above support-turned-resistance marked by the 14.6% Fibat 1.0720 exposes trend-defining resistance at 1.0874 (former support, trend line).

The short EUR/USD position activated at 1.0684 is making slow progress toward its initial target at 1.0605. Half of the trade will be closed upon hitting this level. The stop-loss remains set to trigger on a daily close above 1.0720 but will be moved to breakeven once the first object is met.

What do retail traders’ buy/sell decisions hint about the Euro trend? Find out here !

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