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EUR/USD Technical Analysis: Partial Profit Booked on Short

EUR/USD Technical Analysis: Partial Profit Booked on Short

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1037
  • Euro drops through 3-month trend support, hints at down trend resumption
  • Partial profit taken on short trade after prices hit first objective below 1.10

The Euro dropped to the lowest level in four weeks against the US Dollar, with prices losing their foothold above the 1.10 figure as expected. The pair has now broken trend line support guiding the rebound since early December, hinting the longer-term down trend may be resuming.

Near-term support is now at 1.0919, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 50% level at 1.0777. Alternatively, a reversal above trend line support-turned-resistance now at 1.0973 paves the way for a challenge of the 23.6% Fib at 1.1094.

We entered short EUR/USD at 1.1037. The pair hit our first target at 1.0919 last week and we booked profit on half of the position. The remainder of the trade has been left open to capture any further downward momentum. The stop-loss has been trailed to the breakeven level (1.1037).

Losing money trading the Euro? This might be why.

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