Forex: EUR/USD Technical Analysis – Critical Channel Floor Tested

| 26 mars, 2014 | 0 kommentarer

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3779-81 (38.2% Fib ret., channel floor), 1.3721 (50% Fib ret.)
  • Resistance: 1.3850 (23.6% Fib ret.), 1.3876 (trend line)

An actionable short Euro trade setupin line with our long-term fundamental outlook remains elusive after an expected move lower the US Dollar. The spotlight is on support in the 1.3779-1.38 area, marked by the 38.2% Fibonacci retracement and a rising channel bottom set from late January. We will look for a daily close below this boundary to confirm reversal and position for selling opportunities. The break lower would initially expose the 50% level at 1.3721. Alternatively, a breach above the 23.6% Fib at 1.3850 would target recently broken rising trend line support-turned-resistance at 1.3876.

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dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis  Critical Channel Floor Tested

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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Kategori: Analys från DailyFX

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