Euro Threatening Major Support
The EUR/USD failing at the upper bound of its current range at 1.3800 triggered a short position which hit my target of 1.3481-61.8% Fibo of 1.2444-1.5149. I have taken partial profits here as the potential for a reversal exists if support holds. A break below exposes 1.3000 and considering the broader bearish trend we will wait for a clear sign that a reversal is underway before abandoning our bearish bias and look to take advantage of range bound price action with a long position.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.