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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EUR/USD Technical Analysis: Euro Down Trend Back in Play

EUR/USD Technical Analysis: Euro Down Trend Back in Play

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Strategy: SHORT AT 1.1648

  • Euro snaps near-term trend line, hinting dominant decline is back in play
  • All eyes on critical support near the 1.13 figure for bearish acceleration
  • Waiting for improved risk/reward set to add to EUR/USD short position

See our Euro forecast to learn what is likely drive prices through year-end!

The Euro downtrend against the US Dollar looks to have been re-energized after a brief corrective upswing. Prices have broken the counter-trend support line guiding the move higher from the October 31 low, marking a step toward resumption of its long-term decline.

Euro vs US Dollar chart - 4 hour

Turning to the daily chart, prices now look poised to revisit support in the 1.1268.-1301 area, which has bedeviled sellers since mid-August. A break below it confirmed on a daily closing basis opens the door for a challenge of the 1.1110-19 zone.

Near-term resistance is at 1.1432, marked by the October 9 low as well as a falling trend line. A reversal above that – with a daily close serving as confirmation of a breach yet gain – paves the way for another test of the 1.1543-54 inflection band.

Euro vs US Dollar chart - daily

The short EUR/USD position triggered at 1.1708 and then scaled up at 1.1468 remains active. Increasing exposure seems unattractive from a risk/reward perspective. Opportunities to do so will be evaluated in the event of a bounce or break through immediate support.


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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