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EUR/USD Technical Analysis: Euro Down Trend Remains Intact

EUR/USD Technical Analysis: Euro Down Trend Remains Intact

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1849
  • Euro selloff stalls at 2-month low but overall trend bias favors weakness
  • Daily close through range support to clear a path below the 1.17 figure

The Euro paused to digest losses having dropped to a two-month low against the US Dollar but overall positioning warns that further weakness may be ahead. The single currency fell after prices carved out a Head and Shoulders top below the 1.21 figure, as expected.

Near-term support is at 1.1721, the 38.2% Fibonacci retracement, with a break below that confirmed on a daily closing basis exposing the 50% level at 1.1606. Alternatively, a reversal above support-turned-resistance marked by the 23.6% Fib at 1.1863 opens the door for a retest of the August 29 high at 1.2070.

The short EUR/USD position triggered at 1.1849 hit is initial objective and partial profit was booked. Remaining exposure is in play to capture continuation of a near-term trend still defined by a series of lower highs and lows. The stop-loss has been trailed to breakeven.

Where are the Euro and US Dollar heading in the next 3 months? See our forecasts here!

EUR/USD Technical Analysis: Euro Down Trend Remains Intact

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

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