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Talking Points:
- EUR/USD Technical Strategy: Flat
- Euro bounces from range floor but trend bias remains bearish
- Second half of short trade stopped out after first profit target hit
The Euro is attempting a recovery against the US Dollar having found support at a familiar range floor below the 1.11 figure once again. Keeping in mind the break of trend line support set from December 2015 however, overall positioning seems to favor weakness however
From here, a daily close above the 38.2% Fibonacci expansion at 1.1159 opens the door for a retest of rising trend line support-turned-resistance at 1.1212. Alternatively, a move below the 50% Fib at 1.1018 paves the way for a challenge of the 1.0876-1.0912 area (61.8% expansion, June 24 low).
The short EUR/USD position triggered at 1.1112 hit its initial objective at 1.1018 last week. Partial profit was taken in line with the originally established strategy at that time and remaining exposure has now been stopped out at breakeven. New opportunities to enter short will be sought ahead.
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