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EUR/USD Technical Analysis: Selloff Stalls Above 1.17. Now What?

EUR/USD Technical Analysis: Selloff Stalls Above 1.17. Now What?

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro selloff stalls after prices touch three-week low against the US Dollar
  • Chart positioning suggests near-term trend bias still favors the downside

Euro selling pressure struggled to sustain momentum after a 6-day losing streak brought the currency to the lowest level in three weeks against the US Dollar. Still, a break of rising trend support set from early November seems to suggest the near-term bias continues to favor weakness.

A break below the 38.2% Fibonacci expansion at 1.1756 confirmed on a daily closing basis sees the next downside barrier at 1.1692, the 50% level. Alternatively, a bounce back above the 23.6% Fib at 1.1834 opens the door for a challenge of trend line support-turned-resistance, now at 1.1934.

The short EUR/USD position triggered at 1.1824 hit its initial profit target and partial profit has been booked. Remaining exposure continues to be in play to capture any follow-on weakness. The stop-loss has been trailed down to the breakeven even level.

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