Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

EUR/USD Technical Strategy: BEARISH

  • Euro fails to make good on channel top break, falters above 1.14
  • Break of counter-trend support puts March bottom back in focus
  • Near-term down move invalidation point now just above 1.13

Build confidence in your Euro trading strategy with our free guide!

The Euro bungled an attempted upside breakout against the US Dollar. The currency pushed through channel top resistance only to be rejected downward, establishing another in a sequence of lower highs defining the down move since late September 2018.

The first layer of significant support is now at 1.1176, the March 7 low. A breach below that confirmed on a daily closing basis exposes the next layer of support in the 1.1110-32 area. Invalidation of the overall bearish bias would need a break and close above trend line resistance at 1.1434.

Euro vs US Dollar chart - daily

Turning to the four-hour chart, prices appear to have broken rising counter-trend support guiding the move higher form the March 7 low and followed through with a breach below the inflection point at 1.1289. 1.1176 A resistance line marking invalidation for the near-term down move now looks to be at 1.1304.

EUR/USD Technical Analysis: Euro Set to Test Below 1.12 Again?


--- Written by Ilya Spivak, Currency Strategist for

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