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Talking Points:
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3583, 1.3502-12, 1.3454
- Resistance:1.3653, 1.3689, 1.3747
The Euro fell against the US Dollar as expected after the pair produced a bearish Evening Star candlestick pattern below the 1.37 figure. A daily close below support is at 1.3583, the 23.6% Fibonacci expansion, targets the 1.3502-12 area marked by the June 5 low and the 38.2% level. Alternatively, a turn above rising trend line support-turned-resistance at 1.3653 clears the way for a challenge of the 38.2% Fibonacci retracement at 1.3689.
Our long-term fundamental outlook favors selling the Euro but prices are too close to support to justify a short from a risk/reward perspective at current levels. We will remain on the sidelines until an actionable setup presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
