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EUR/USD Technical Analysis – Half of Short Trade Booked

EUR/USD Technical Analysis – Half of Short Trade Booked

2014-05-29 04:28:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3654
  • Support: 1.3561 (61.8% Fib ret.), 1.3459-76 (Feb 3 low)
  • Resistance:1.3643 (50% Fib ret.), 1.3726 (38.2% Fib ret.)

The Euro looks vulnerable to continued weakness against the US Dollar after prices tumbled to the lowest level in nearly four months. Near-term support is at 1.3561, the 61.8% Fibonacci retracement, with a break below that targeting the 1.3458-76 area marked by the February 3 low and the 76.4% level. Near-term resistance is at 1.3643, the 50% Fib. A reversal back above that targets the 38.2% retracement at 1.3726.

We sold EURUSD at 1.3654 in line with our long-term fundamental outlook. Prices have now met our initial objective at 1.3598 and we have booked profits on half of the position. The remainder of the trade has been left open to capture any further weakness and the stop-loss has been trailed to the breakeven level.

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EUR/USD Technical Analysis – Half of Short Trade Booked

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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