EUR/USD Technical Analysis: Testing Eight-Month Floor

By DailyFx | July 31, 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: 1.3366, 1.3324, 1.3208
  • Resistance:1.3396, 1.3454, 1.3512

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 1.3366, the November 8 2013 close. A break below this boundary on a daily closing basis initially exposes the 76.4% Fibonacci expansion at 1.3324. Alternatively, a move back above the 61.8% Fib at 1.3396 opens the door for a test of the 50% expansion at 1.3454.

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: Testing Eight-Month Floor

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center