U.S. Markets closed

Forex: EUR/USD Technical Analysis – Trend Line Forces Pullback

Ilya Spivak

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

Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3698 (Jan 14 high), 1.3613 (38.2% Fib exp.)
  • Resistance: 1.3770 (trend line), 1.3800 (double top)

The Euro pulled back from resistance marked by a falling trend line set from the October 2013 swing high and double top to meet support at 1.3698, the January 14 high. A break below this barrier on a daily closing basis targets the 38.2% level at 1.3613. Alternatively, a move above the trend line, now at 1.3770, exposes the 1.38 figure. We will continue to wait on the sidelines for now until a new short trade opportunity in line with our fundamental outlook presents itself after our previous attempt to sell the pair stopped out at breakeven.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-usd_body_Picture_12.png, Forex: EUR/USD Technical Analysis – Trend Line Forces Pullback

Daily Chart - Created Using FXCM Marketscope 2.0

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.