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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
EUR/USD Technical Analysis: Inching Toward 1.60 Figure

EUR/USD Technical Analysis: Inching Toward 1.60 Figure

Ilya Spivak,

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

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.

DISCLOSURES