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EUR/USD Technical Analysis: Short Trade Nearing Target

EUR/USD Technical Analysis: Short Trade Nearing Target

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1112
  • Euro snaps counter-trend support, suffers worst loss in over a week
  • Short trade triggered above 1.11 figure vs. US Dollar nearing target

The Euro suffered in the largest one-day loss in over a week against the US Dollar after retesting broken trend line support. The plunge broke support guiding the recovery following the currency’s post-“Brexit” plunge, hinting down trend resumption may be at hand.

Near-term support is at 1.1018, the 50% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a challenge of the 61.8% level at 1.0876. Alternatively, a push above the 1.1159-93 area (trend line support-turned-resistance, 38.2% Fib) paves the way for a retest of resistance at 1.1393.

The entry order to short EUR/USD at 1.1112 has been triggered and prices are now approaching the trade’s first target at 1.1018. If that level is hit, half of the position will be booked and the remainder left open to capture further weakness with a stop-loss adjusted to breakeven.

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