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EUR/USD Technical Analysis: Short Trade Hits First Target

EUR/USD Technical Analysis: Short Trade Hits First Target

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Talking Points:

The Euro accelerated downward anew following a brief period of consolidation in the wake of a hawkish FOMC monetary policy announcement. Prices established a top following the formation of a bearish Dark Cloud Cover candlestick pattern, as expected, moving on to break rising trend line support set from mid-March.

Near-term support is now at 1.0906, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a challenge of the 50% level at 1.0847. Alternatively, a move back above the 23.6% Fib at 1.0978 – now recast as resistance – sees the next upside barrier at 1.1023, the 14.6% expansion.

We entered short EUR/USD at 1.1057. Prices have now hit our initial target and wehave taken profit on half of the position. The remainder of the trade will remain open to capture further downside momentum. The stop-loss has been adjusted to the breakeven level.

Losing Money Trading Forex? This Might Be Why.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.