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Forex: Where to Sell the Euro?

Forex: Where to Sell the Euro?

2013-10-24 15:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Overhead resistance should weigh on the single currency
  • Cyclical analysis points to a correction

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The trend higher in EUR/USD looks to be in full force as the exchange rate touched its highest level in almost two years early on Thursday. Looks, however, can sometimes be deceiving. Our short-term analysis of the cycles suggests the next day or so is a potentially important “turn window” in the rate from where a downside correction could materialize. Bolstering this view somewhat is the proximity of several important resistance levels including the 61.8% retracement of the 2011 to 2012 decline at 1.3830, the 10th square root progression of the year’s low at 1.3880 and the 61.8% retracement of the 2009 to 2010 decline at 1.3895. If a correction is going to materialize during this cyclical turn window then we would expect it to occur from somewhere around this resistance zone. Strength over 1.3895 next week would completely undermine the short-term cyclical turn window.

EUR/USD Daily Chart: October 24, 2013

Range_eur_10_24_body_Picture_2.png, Forex: Where to Sell the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risks in Coming Sessions:

Range_eur_10_24_body_Picture_1.png, Forex: Where to Sell the Euro?

LEVELS TO WATCH

Resistance: 1.3830 (Fibonacci), 1.3880 (Gann)

Support: .1.3770 (Gann), 1.3655(Gann)

Strategy: Sell EUR/USD

Entry: Sell EUR/USD at 1.3870

Stop: 1-day close above 1.3895

Target: 1.3770

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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