EUR/USD Technical Analysis – Channel Resistance at Risk

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low)
  • Resistance:1.3600 (channel top), 1.3676-89 (38.2% Fib ret., Jun 6 high)

The Euro edged cautiously higher against the US Dollar, issuing the strongest daily close in over a week. A close above 1.3585, the May 29 low, has exposing a falling channel top at 1.3600. A break above that exposes the 1.3676-89 marked by the 38.2% Fibonacci retracement and the June 6 high. Alternatively, a reversal back below 1.3585 clears the way for another challenge of the 1.3476-1.3502 zone, a region bracketed by swing lows set on February 3 and June 5.

Our long-term fundamental outlook calls Euro weakness against the greenback and we continue to look for selling opportunities. An actionable trade setup is absent however and we will continue to stand asidefor the time being.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

EUR/USD Technical Analysis – Channel Resistance at Risk

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. Natural gas pares gains after supply report
    Forex News

    Natural gas pares gains after supply report

  2. EUR/USD climbs back above 1.2600
    Forex News

    EUR/USD climbs back above 1.2600

  3. Dollar Charges to Multi Week Highs on Strong US GDP Data
    Forex News

    Dollar Charges to Multi Week Highs on Strong US GDP Data

  4. EUR/USD keeps the range post-US data
    Forex News

    EUR/USD keeps the range post-US data

  5. Ranges Persist in USD-Pairs Post-FOMC Meeting
    Forex News

    Ranges Persist in USD-Pairs Post-FOMC Meeting

Trading Center