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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  2. Forex News

    Trading Video: Sentiment, Dollar and Euro All At-Risk Next Week

  3. Forex News

    IBM, Google and Others Take an FX Revenue Hit in Q1

  4. Forex News

    Investors are eager to know when the Federal Reserve will act - FXStreet

  5. Forex News

    US data will likely delay Fed action- Rabobank

Trading Center