DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3583, 1.3502-12, 1.3454
  • Resistance:1.3653, 1.3689, 1.3747

The Euro fell against the US Dollar as expected after the pair produced a bearish Evening Star candlestick pattern below the 1.37 figure. A daily close below support is at 1.3583, the 23.6% Fibonacci expansion, targets the 1.3502-12 area marked by the June 5 low and the 38.2% level. Alternatively, a turn above rising trend line support-turned-resistance at 1.3653 clears the way for a challenge of the 38.2% Fibonacci retracement at 1.3689.

Our long-term fundamental outlook favors selling the Euro but prices are too close to support to justify a short from a risk/reward perspective at current levels. We will remain on the sidelines until an actionable setup presents itself.

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

EUR/USD Technical Analysis: Support Met Below 1.36 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Strategy Video: Am I Over or Under Trading, And How Do I Correct It?

  4. Forex News

    Nonfarm Payrolls coming up: expectations -TDS

  5. Forex News

    EUR/USD regains 1.10, Payrolls eyed

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!