EUR/USD Technical Analysis: Support Below 1.34 in Focus

By DailyFx | July 29, 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: 1.3396, 1.3324, 1.3208
  • Resistance:1.3454, 1.3502-12, 1.3583

The Euro fell as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. Sellers are now eyeing support at 1.3396, the 61.8% Fibonacci expansion. A daily close below this boundary initially exposes the 76.4% level at 1.3324. Alternatively, a move back above the 50% Fib at 1.3454 opens the door for a test of the 1.3502-12 area, marked by the 38.2% expansion and the June 5 low.

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 stop-loss on our remaining exposure has been moved to the breakeven level.

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

EUR/USD Technical Analysis: Support Below 1.34 in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. EUR/USD Daily Outlook - September 19
    Investing

    EUR/USD Daily Outlook - September 19

  4. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center