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EUR/USD Technical Analysis: Short Trade Still in Play

EUR/USD Technical Analysis: Short Trade Still in Play

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical AnalysisPrices recoiled from resistance at a falling trend line set from February, taking out upward-sloping support underpinning the pair from mid-July to expose the 23.6% Fibonacci expansion at 1.3188. A further push below this aims for the 38.2% level at 1.3091. Major trend line resistance is now at 1.3313, followed by the July 31 high at 1.3344.We have entered short.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-usd_body_Picture_2.png, EUR/USD Technical Analysis: Short Trade Still in Play

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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