EUR/USD Technical Analysis: Holding Short for 1.35 Mark

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: 1.3502-12, 1.3454, 1.3396
  • Resistance:1.3583-1.36, 1.3650, 1.3689

The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. Sellers are now targeting the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low), with a break below that on a daily closing basis exposing 1.3454 (50% Fib). Alternatively, a turn above the 1.3583-1.36 area (23.6% Fib, trend line) exposes 1.3650 (July 10 high).

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 remains active with a stop-loss at the breakeven level to capture any further weakness in the days ahead.

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

EUR/USD Technical Analysis: Holding Short for 1.35 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

Related Forex Analysis
  1. Forex News

    ECB gets serious about QE – TDS

  2. Forex News

    EUR/USD Risks Fresh Monthly Lows on Dismal Euro-Zone CPI

  3. Forex News

    OPEC: We await the US to get back to their desks - Rabobank

  4. Forex News

    Video: Euro Faces Another Round of Data, Oil Collapses

  5. Forex News

    US Session: Holidays or no holidays, greenback prevails and Oil dumps

Trading Center