Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

DailyFX Home / Analyst Picks / Ilya Spivak

Forex Strategy: Looking to ECB for Short EUR/USD Setup

By , Currency Strategist
08 May 2014 13:00 GMT

The Euro has met important technical resistance against the US Dollar after rising to the highest level in nearly two months. Prices are testing the March 18 close at 1.3932, with a break above that exposing the top of a large Rising Wedge formation at 1.4020. Falling trend line resistance-turned-support stands at 1.3873, with a daily close back below that aiming for an upward-sloping barrier set from early February, now at 1.3801.

I continue to expect Euro weakness in line with my long-term fundamental outlook. An actionable short entry signal has been absent however, keeping me on the sidlines, but today's ECB policy announcement may begin to top the scales.

SEE CHART HERE

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

08 May 2014 13:00 GMT