EUR/USD Technical Analysis – Short Trade Entry Sought
To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3804 (rising trend line)
- Resistance: 1.3932 (Mar 18 close), 1.40, 1.4023 (Wedge top)
The Euro tumbled against the US Dollar having tagged the highest level in nearly two months, making a bid to form a double top at 1.3932 (March 18). Rising trend line support comes in at 1.3804, and we will look for a daily close below this barrier as confirmation to begin looking for selling opportunities in line with our long-term fundamental outlook. Alternatively, a reversal back above 1.3932 (once again on a daily closing basis) exposes the psychologically significant 1.40 figure, followed by the top of a large Rising Wedge formation set from October 2013 (now at 1.4023).
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.