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

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

2014-05-08 13:00:00
Ilya Spivak, Sr. Currency Strategist
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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

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