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Waiting for Euro Short Trade Setup

Waiting for Euro Short Trade Setup

Ilya Spivak, Head Strategist, APAC

The Euro turned sharply lower against the US Dollar bu prices are wedged too closely between near-term support and resistance levels to justify taking a trade long-term Euro outlook from a risk/reward perspective. I will remain flat for now and wait for an actionable opportunity to present itself.

A daily close below the 50% Fibonacci expansion at 1.1111 exposes the 61.8% level at 1.1035. Alternatively, a turn above the 38.2% Fib at 1.1188 opens the door for a challenge of the 23.6% expansion at 1.1282.

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