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EUR/USD Technical Analysis: Short Trade Remains in Play

EUR/USD Technical Analysis: Short Trade Remains in Play

2014-09-23 23:51:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/USD Technical Strategy: Short at1.3644
  • Support: 1.2783, 1.2718, 1.2653
  • Resistance:1.2864, 1.2913, 1.2994

The Euro looks vulnerable to continued selling against the US Dollar, with prices poised to test below the 1.28 figure. A daily close below the 38.2% Fibonacci expansionat 1.2783 exposes the 50% level at 1.2718. Alternatively, reversal above the 23.6% Fib at 1.2864 opens the door for a test of the 14.6% expansion at 1.2913.

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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EUR/USD Technical Analysis: Short Trade Remains in Play

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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