EUR/USD Technical Analysis: Continuing to Hold Short

By DailyFx | Updated July 24, 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: 1.3454, 1.3396, 1.3324
  • Resistance:1.3502-12, 1.3583, 1.3637

The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support at 1.3454, the 50% Fibonacci expansion, clears the way for a decline to the 61.8% level at 1.3396. Alternatively, reversal back above the 1.3502-12 area, marked by the 38.2% Fib and the June 5 low, opens the door for another challenge of the 23.6% expansion at 1.3583.

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook. We have since booked profit on half of the position. The remainder of the trade remains active with a stop-loss at the breakeven level.

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

EUR/USD Technical Analysis: Continuing to Hold Short

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD Oversold Ahead of NFP- 1.0970 Support Remains Vulnerable

  2. Forex News

    EUR/USD subdued, eyes on 1.10

  3. Forex News

    Scope for a test of 1.05 in EUR/USD in the medium term – Danske Bank

  4. Forex News

    EUR/USD: No signs of recovery – FXStreet

  5. Forex News

    EUR/USD sidelined above 1.10

Trading Center