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Top in the Euro?

Top in the Euro?

2014-05-08 15:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Reverses from key resistance area
  • Cycle also turning negative on the exchange rate

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

We have written a lot recently about the importance of this week for EUR/USD from a timing perspective. Interestingly this turn window coincided with the ECB monthly meeting. This fundamental catalyst did not seemingly disappoint as the Euro briefly spiked through a key Fibonacci level at 1.3970 to touch its highest level since October of 2011. The technical break proved short-lived, however, as the rate quickly turned down leaving a large range reversal and possible double top on the daily. With our cyclical analysis pointing to a peak around this time we believe today’s failed break higher is probably the start of a larger downside move. We like selling the single currency on strength against 1.3995.

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EUR/USD Daily Chart: May 8, 2014

Top in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in Coming Sessions:

Top in the Euro?

LEVELS TO WATCH

Resistance: 1.3900 (Psychological), 1.3995 (YTD high)

Support: 1.3830 (Gann), 1.3765 (Gann)

Strategy: Sell EUR/USD

Entry: Sell EUR/USD at 1.3910

Stop: 1.4005

Target: 1.3700

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

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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