EUR/USD Technical Analysis: Euro May Be Set to Bounce

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Talking Points:

  • EUR/USD Technical Strategy: Short at1.3644
  • Support: 1.2858, 1.2796, 1.2673
  • Resistance:1.2951, 1.2994, 1.3074

The Euro may correct higher against the US Dollar after forming a bullish Piercing Line candle pattern coupled with positive RSI divergence. A daily close above trend line resistance at 1.2951 exposes the September 16 high at 1.2994. Alternatively, reversal below above the 1.2858-71 area marked by the September 9 low and the 14.6% Fibonacci expansion opens the door for a test of the 23.6% level at 1.2796.

We entered short 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 any further downside momentum with a stop-loss at 1.3583, our initial objective.

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EUR/USD Technical Analysis: Euro May Be Set to Bounce

Daily Chart – Created Using FXCM Marketscope 2.0

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

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