EUR/USD Technical Analysis: Euro Hits Highest in 2 Weeks
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- EUR/USD Technical Strategy: Short at 1.2710
- Support: 1.2482, 1.2434, 1.2357
- Resistance:1.2559, 1.2621, 1.2684
The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracementat 1.2559 exposes the intersection of a falling trend line and the 50% level at 1.2621. Alternatively, a reversal below the 23.6% Fib at 1.2482 opens the door for a test of the 14.6% retracement at 1.2434.
We sold EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The remainder of the trade is open to capture any further downside momentum with a stop-loss trailed to breakeven (1.2710).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com