EUR/USD Technical Analysis: Selloff Stalls Above 1.35 Mark

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3502-12, 1.3454, 1.3396
  • Resistance:1.3583-607, 1.3650, 1.3689

The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal back above the 1.3583-1.3607 zone (23.6% Fib, trend line) targets 1.3650 (July 10 high).

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook. We have since booked profit on half of the position. The remainder remains active with a stop-loss at the breakeven level to capture any further weakness in the days ahead.

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EUR/USD Technical Analysis: Selloff Stalls Above 1.35 Mark

Daily Chart – Created Using FXCM Marketscope 2.0

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

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