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Forex Strategy: Channel Top May Trigger Short

Forex Strategy: Channel Top May Trigger Short

Ilya Spivak, Head Strategist, APAC

The Euro fell against the US Dollar as expected and I continue to monitor price action for an opportunity to enter short based on my long-term fundamental outlook.

A bounce from support at the bottom of a falling channel set from mid-March has brought prices to face resistance in the 1.3805-30 area, marked by the pattern’s top and the 23.6% Fibonacci expansion. I will watch for signs of downward reversal at this juncture to sell the pair.

Near-term support is at 1.3672, the April 4 low, followed by the channel floor at 1.3653. Alternatively, a break upward from here aims for the 38.2% expansion at 1.3928.

SEE CHART HERE

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

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