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EUR/USD Technical Analysis: Short Held at Trend Resistance

EUR/USD Technical Analysis: Short Held at Trend Resistance

2014-11-21 00:37:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2482, 1.2397, 1.2334
  • 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 intersection of a falling trend line and the 38.2% Fibonacci retracementat 1.2559 exposes the 50% level at 1.2621. Alternatively, a reversal below rising trend line support at 1.2482opens the door for a test of the 38.2% Fib expansion at 1.2397.

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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EUR/USD Technical Analysis: Short Held at Trend Resistance

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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