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EUR/USD Technical Analysis: Short Trade Hits First Target

EUR/USD Technical Analysis: Short Trade Hits First Target

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1390
  • Euro attempts recovery after finding support above 1.12 figure
  • Partial profit taken on short trade after prices hit first objective

The Euro is attempting to claw its way higher after finding support above the 1.12 figure having hit a one-month low against the US Dollar. Thus far, gains appear to be corrective in the context of a larger down move that brought prices through support guiding the move higher since mid-March.

Near-term support is at 1.1215, the April 25 low, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.1103. Alternatively, a reversal above rising trend line support-turned-resistance at 1.1286 sees the next upside barrier at 1.1353, the 14.6% Fib expansion.

We entered short EUR/USD at 1.1390. Prices have now met our initial objective at 1.1241 and we have taken profit on half of the position. The remainder of the trade will remain open to capture any further weakness. The stop-loss has been adjusted to the breakeven level.

What do FXCM traders’ bets on the Euro say about where it’s going? Find out here !

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