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EUR/USD Technical Analysis: Profit Booked on Half of Short

EUR/USD Technical Analysis: Profit Booked on Half of Short

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3583, 1.3502-12, 1.3454
  • Resistance:1.3689, 1.3747, 1.3805

The Euro declined as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. A daily close below the 1.3583-96 area, marked by a rising trend line and the 23.6% Fibonacci expansion, exposes the 1.3502-12 region (June 5 low, 38.2% level).Alternatively, a turn above the (38.2% Fib retracement at 1.3689 opens the door for a test of the 50% threshold at 1.3747.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook. The selloff has paused at trend line support and we will now book profit on half of the trade as a precaution, moving the stop-loss to the breakeven level on remaining exposure.

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EUR/USD Technical Analysis: Profit Booked on Half of Short

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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