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Talking Points:
- EUR/USD Technical Strategy: Short at1.3644
- Support: 1.2933, 1.2864, 1.2794
- Resistance:1.3020, 1.3073, 1.3104
The Euro slumped sharply lower against the US Dollar, with prices dropping below the 1.30 figure the first time in 14 months. A daily close below the 38.2% Fibonacci expansion at 1.2933 exposes the 50% level at 1.2864. Alternatively, a turn above the intersection of the 23.6% Fib and channel floor support-turned-resistance at 1.3020 opens the door for a test of the 14.6% expansion at 1.3073.
We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains open to capture any further downside momentum with a stop-loss at 1.3583, our initial objective.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
