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Forex: EUR/USD Technical Analysis – Still Holding Short Position

Forex: EUR/USD Technical Analysis – Still Holding Short Position

2013-12-16 11:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Bearish Engulfing candle pattern hinted at weakness ahead and we entered short
  • Support is in at 1.3688 (23.6% Fib ret.); below that targets 1.3663 (rising trend line)
  • Near-term resistance is in the 1.3800-31 area (October 25 closing and swing highs)

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

dailyclassics_eur-usd_body_Picture_11.png, Forex: EUR/USD Technical Analysis – Still Holding Short Position

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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