To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3396, 1.3324, 1.3208
- Resistance:1.3454, 1.3502-12, 1.3583
The Euro fell as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. Sellers are now eyeing support at 1.3396, the 61.8% Fibonacci expansion. A daily close below this boundary initially exposes the 76.4% level at 1.3324. Alternatively, a move back above the 50% Fib at 1.3454 opens the door for a test of the 1.3502-12 area, marked by the 38.2% expansion and the June 5 low.
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 stop-loss on our remaining exposure has been moved to the breakeven level.
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
