EUR/USD Technical Analysis: Testing Eight-Month Floor
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- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.3366, 1.3324, 1.3208
- Resistance:1.3396, 1.3454, 1.3512
The Euro fell as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. Sellers are now eyeing support at 1.3366, the November 8 2013 close. A break below this boundary on a daily closing basis initially exposes the 76.4% Fibonacci expansion at 1.3324. Alternatively, a move back above the 61.8% Fib at 1.3396 opens the door for a test of the 50% expansion at 1.3454.
We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The stop-loss on our remaining exposure has been moved to 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.