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Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

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EUR/USD Technical Analysis – Bearish Reversal Signaled Sub-1.39

EUR/USD Technical Analysis – Bearish Reversal Signaled Sub-1.39

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Pending Short
  • Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
  • Resistance: 1.3905 (Apr 11 high)

The Euro may be carving out a top below 1.39 to the US Dollar after prices put in bearish Evening Star candlestick pattern. A break below support at 1.3835, the 23.6% Fibonacci expansion, initially exposes the 38.2% level at 1.3793. Near-term resistance is at 1.3905, the April 11 swing high.

Our long-term fundamental outlook calls for a bearish bias on the Euro against the greenback. We will opt against entering short at present however with prices sitting too close to near-term support to justify a trade on risk/reward grounds, waiting for a more attractive setup to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-usd_body_Picture_12.png, EUR/USD Technical Analysis – Bearish Reversal Signaled Sub-1.39

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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