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EUR/USD Technical Analysis: Euro Recovery Poised to Continue

EUR/USD Technical Analysis: Euro Recovery Poised to Continue

2015-10-12 05:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Poised to Continue Higher After Breaking Triangle Pattern Resistance
  • Waiting to Enter Short in Line with Long-Term Trend After Upswing Fizzles

The Euro looks poised to continue higher against the US Dollar after prices took out the top of a Triangle consolidation pattern. The breakout suggests the upside correction launched in mid-March has more room to develop beforethe larger multi-year down trend resumes.

Near-term resistance is now at 1.1432, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 50% level at 1.1539. Alternatively, a move below resistance-turned-support at 1.1265 clears the way for a descent to the 1.1028-86 area, marked by the September 3 low and a rising trend line.

We continue to see Euro gains as corrective within the context of a structural decline launched in mid-2008. With that in mind, we will opt not to pursue a long position. Instead, we will wait for the upswing to show signs of exhaustion and look to enter short once an attractive opportunity to do so presents itself.

Losing Money Trading Forex? This is Probably Why.

EUR/USD Technical Analysis: Euro Recovery Poised to Continue

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