EUR/USD Technical Analysis: First Profit Target in Sight

By DailyFx | Updated July 30, 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: 1.3583, 1.3502-12, 1.3454
  • Resistance:1.3674-89, 1.3747, 1.3805

The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. A break below the 23.6% Fibonacci expansion at 1.3583 exposes the 1.3502-12 area, marked by the June 5 low and the 38.2% level.Alternatively, a move above the 1.3674-89 area, marked by a rising trend lien and the 38.2% Fib retracement, opens the door for a test of the 50% threshold at 1.3747.

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook, targeting 1.3583. A stop-loss will trigger on a close above 1.3700.We will take profit on half of the trade and move the stop-loss to breakeven on the remainder of the position once the first target is met.

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

EUR/USD Technical Analysis: First Profit Target in Sight

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. EUR/USD got slight support from better German Labor data
    Forex News

    EUR/USD got slight support from better German Labor data

  2. Immediate EUR/USD pressure is on the downside - UOB Group
    Forex News

    Immediate EUR/USD pressure is on the downside - UOB Group

  3. EUR/USD below 1.2690 area on Thursday - FXStreet
    Forex News

    EUR/USD below 1.2690 area on Thursday - FXStreet

  4. EUR/USD leaves 1.26 pivot behind, new lows in focus
    Forex News

    EUR/USD leaves 1.26 pivot behind, new lows in focus

  5. What’s the sentiment around EUR/USD today? – Commerzbank and Danske Bank
    Forex News

    What’s the sentiment around EUR/USD today? – Commerzbank and Danske Bank

Trading Center