EUR/USD Technical Analysis: Euro Sets New 9-Month Low

By DailyFx | Updated August 05, 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: 1.3365, 1.3316, 1.3277
  • Resistance:1.3445, 1.3493, 1.3533

The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. Near-term support is at 1.3365, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.3316. Alternatively, a reversal above resistance at 1.3445, the 23.6% Fib retracement, aims for the intersection of the 38.2% threshold and a falling channel top at 1.3493.

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: Euro Sets New 9-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Investing

    EUR/USD Falls During Wednesday Trading

  2. Forex News

    EUR/USD hovers around 1.1300, German labour report in focus

  3. Forex News

    EUR/USD failure to break above 1.1320/15 – DayTradeIdeas

  4. Forex News

    EUR/USD steadies below 1.1300 post FOMC, German CPI eyed

  5. Forex News

    Euro May Overlook Soft German CPI Data, Swiss Franc Under Fire

Trading Center