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Talking Points:
- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3151, 1.3048-64, 1.2977
- Resistance:1.3204, 1.3248, 1.3291
The Euro remains under heavy selling pressure, descending to the weakest level in almost a year against the US Dollar. A daily close below the 76.4% Fibonacci expansion at 1.3151 exposes the 1.3048-64 area marked by the 100% level and a falling channel floor. Alternatively, a reversal above the 61.8% Fib at 1.3204 clears the way for a challenge of the 50% expansion at 1.3248.
We sold 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 continued downside momentum. The stop-loss is now at breakeven level.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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