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EUR/USD Technical Analysis: Euro Ends Longest Loss Streak in 2017

EUR/USD Technical Analysis: Euro Ends Longest Loss Streak in 2017

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro jumps higher vs US Dollar, breaks the longest losing streak yet in 2017
  • Re-establishing exposure seems unattractive as ECB rate decision approaches

The Euro snapped its longest losing streak yet in 2017 in spectacular fashion, posting the largest one-day rally in a month against the US Dollar. The move came as part of the markets’ somewhat confounding response to a seemingly hawkish FOMC policy announcement that nevertheless sank the greenback across the board.

From here, a daily close above the 38.2% Fibonacci expansion at 1.1872 opens the door for a test of the 50% level at 1.1920. Alternatively, a move back below the 23.6% Fib at 1.1812 – now recast as support – paves the way for another challenge of the December 12 low at 1.1716.

The second half of the EUR/USD trade activated at 1.1824 has stopped out at breakeven after partial profit was booked on hitting the trade’s first objective. Re-establishing exposure seems ill-advised here as the ECB rate decision looms ahead and markets digest the FOMC outcome. Standing aside is probably prudent.

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