EUR/USD Technical Analysis: Short Held on Channel Floor Test

By DailyFx | Updated August 24, 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: 1.3248, 1.3190-204, 1.3151
  • Resistance:1.3291, 1.3345, 1.3432

The Euro declined to hit an 11-month low against the US Dollar after carving out a Triangle chart formation. A daily close below the 1.3182-1.3204 area marked by the 61.8% Fibonacci expansion and a falling channel floor exposes the 76.4% level at 1.3151. Alternatively, a reversal above the 50% Fib at 1.3248 opens the door for a test of the 38.2% expansion at 1.3291.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains open to capture continued downside momentum. The stop-loss is now at breakeven level.

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

EUR/USD Technical Analysis: Short Held on Channel Floor Test

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. EUR/USD climbs back above 1.2600
    Forex News

    EUR/USD climbs back above 1.2600

  2. Dollar Charges to Multi Week Highs on Strong US GDP Data
    Forex News

    Dollar Charges to Multi Week Highs on Strong US GDP Data

  3. EUR/USD keeps the range post-US data
    Forex News

    EUR/USD keeps the range post-US data

  4. Ranges Persist in USD-Pairs Post-FOMC Meeting
    Forex News

    Ranges Persist in USD-Pairs Post-FOMC Meeting

  5. EUR/USD trading close to 1.2580 - FXStreet
    Forex News

    EUR/USD trading close to 1.2580 - FXStreet

Trading Center