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EUR/USD Technical Analysis: Euro Finds Support But Bias Bearish

EUR/USD Technical Analysis: Euro Finds Support But Bias Bearish

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1809
  • Euro finds interim support after topping near 1.19 figure vs. US Dollar
  • Break of near-term trend line support argues for a broadly bearish bias

The Euro has managed to find interim support below the 1.17 figure against the US Dollar but the break of near-term trend support still hints at a downside bias. Prices turned lower as expected after hitting the highest level since January 2015 in the wake of July’s decidedly upbeat US employment statistics.

A daily close below the August 9 low at 1.1688 opens the door for a challenge of the 38.2% Fibonacci retracement at 1.1608. Alternatively, a push above the 1.1875-1.1910 area marked by the 23.6% Fib expansion and the August 2 high paves the way for a test of the 38.2% threshold at 1.1990.

The short entry order established to sell EUR/USD at 1.1809 has been activated. The trade initially targets 1.1608 and carries a stop-loss to be activated on a daily close above 1.1910. Profit on half of the position will be booked and stop-loss moved to breakeven upon meeting the first objective.

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EUR/USD Technical Analysis: Euro Finds Support But Bias Bearish

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