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Looking to sell Euro against $1.1400

Looking to sell Euro against $1.1400

David Rodriguez, Head of Product

The Euro has rallied substantially versus the US Dollar on a broad wave of short-covering, but thus far we're seeing a correction and not in my opinion a new trend. A major level of resistance starting near $1.1350 represents a potentially significant price ceiling, and a close above would represent a substantive shift in trend.

Yet I put low odds on such a move, and indeed I like remaining short against $1.14. Near-term targets start at $1.1090 based on similar volume studies.

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