To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/USD Technical Strategy: Short at1.3644
- Support: 1.2783, 1.2718, 1.2653
- Resistance:1.2864, 1.2913, 1.2994
The Euro looks vulnerable to continued selling against the US Dollar, with prices poised to test below the 1.28 figure. A daily close below the 38.2% Fibonacci expansionat 1.2783 exposes the 50% level at 1.2718. Alternatively, reversal above the 23.6% Fib at 1.2864 opens the door for a test of the 14.6% expansion at 1.2913.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
