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Tehcnical Analysis: Short EURUSD

Tehcnical Analysis: Short EURUSD

Nick Cawley, Senior Strategist

Nick Cawley, Analyst, May 9, 2017

My Picks: Short EURUSD.

Expertise: Fundamental/Technical Analysis.

Average Time Frame of Trades: One week to several weeks.

New to the markets? See our Trading Guides.

The recent French presidential elections have left a ‘gap’ in the EURUSD chart that needs to be filled if the single-currency is to push higher against the greenback. The daily chart shows a gap between 1.08207 and 1.07774, made on the day that Emmanuel Macron went through to the second round of the presidential elections – which he subsequently won.

Chart: EURUSD Daily Timeframe

And looking at the 20-, 50- 100-day moving averages, the technical set-up for EUR is still pointing to the downside. With the pair still trading below the 20-day ma, currently at 1.09286 on the one–hour chart, the upside currently remains capped.

Staying with the one-hour chart, a doji appears with a high of 1.10241, a potential reversal signal for the single-currency.

Chart: EURUSD One-Hour Timeframe (May 3 – May 9, 2017)

Charts by IG

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Entry – Set up short position at 1.09286.

Stop – May 8 high of 1.09485.

Target 1 – Top of gap at 1.08207

Target 2 – Bottom of gap at 1.07774.

---Written by Nick Cawley, Market Analyst

You can follow Nick on Twitter @nickcawley1

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