EUR/USD Technical Analysis: Deeper Losses Expected Ahead

By DailyFx | Updated July 28, 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 declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support at 1.3396, the 61.8% Fibonacci expansion, clears the way for a decline to the 76.4% level at 1.3324. Alternatively, reversal back above the 50% Fib at 1.3454opens the door for another challenge of the 1.3502-12 area, marked by the 38.2% expansion and the June 5 low.

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: Deeper Losses Expected Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

Related Forex Analysis
  1. A return of USD strength for 2015 - ANZ
    Forex News

    A return of USD strength for 2015 - ANZ

  2. EUR/USD: Looking to see above 1.25 - 2ndSkies
    Forex News

    EUR/USD: Looking to see above 1.25 - 2ndSkies

  3. Recap: The Good, the Bad and the Ugly US Dollar on today's session
    Forex News

    Recap: The Good, the Bad and the Ugly US Dollar on today's session

  4. Video: Breakout Risk for EURUSD, GBPUSD and USDJPY
    Forex News

    Video: Breakout Risk for EURUSD, GBPUSD and USDJPY

  5. EUR/USD risk returning to the upside - FXStreet
    Forex News

    EUR/USD risk returning to the upside - FXStreet

Trading Center