EUR/USD Technical Analysis: Aiming Below 1.34 Threshold

By DailyFx | Updated July 27, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3396, 1.3324, 1.3208
  • Resistance:1.3454, 1.3502-12, 1.3583

The Euro fell as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. Sellers are now eyeing support at 1.3396, the 61.8% Fibonacci expansion. A daily close below this boundary initially exposes the 76.4% level at 1.3324. Alternatively, a move back above the 50% Fib at 1.3454 opens the door for a test of the 1.3502-12 area, marked by the 38.2% expansion and the June 5 low.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The stop-loss on our remaining exposure has been moved to the breakeven level.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Aiming Below 1.34 Threshold

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Recap: US Dollar gives up ahead Thanksgiving; pullback or profit taking?
    Forex News

    Recap: US Dollar gives up ahead Thanksgiving; pullback or profit taking?

  2. The 1.2500 holds a EUR/USD ready to advance; watch for USDX weekly close below 87.6 ...
    Forex News

    The 1.2500 holds a EUR/USD ready to advance; watch for USDX weekly close below 87.6 ...

  3. Greenback dropping ahead of holidays – FXStreet
    Forex News

    Greenback dropping ahead of holidays – FXStreet

  4. EUR/USD back near 1.2500
    Forex News

    EUR/USD back near 1.2500

  5. Oil prices falling harms ECB’s quest - BBH
    Forex News

    Oil prices falling harms ECB’s quest - BBH

Trading Center