EUR/USD Technical Analysis: Pressuring Support Sub-1.34
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3396, 1.3324, 1.3208
- Resistance:1.3454, 1.3502-12, 1.3583
The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support at 1.3396, the 61.8% Fibonacci expansion, clears the way for a decline to the 76.4% level at 1.3324. Alternatively, reversal back above the 50% Fib at 1.3454 opens the door for another challenge of the 1.3502-12 area, marked by the 38.2% expansion and the June 5 low.
We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook. We have since booked profit on half of the position. The remainder of the trade remains active with a stop-loss at the breakeven level.
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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.