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

You May Also Like

Related Forex Analysis
  1. Forex News

    Fed has restored investor’s confidence - FXStreet

  2. Forex News

    EUR/USD downside fully exposed

  3. Forex News

    US dollar rally set to extend further - BTMU

  4. Forex News

    EM developments worth noting - BBH

  5. Forex News

    Greenback giving back in US shift - TDS

Trading Center