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EUR/USD Technical Analysis: Move Back Below 1.18 Hinted Ahead

EUR/USD Technical Analysis: Move Back Below 1.18 Hinted Ahead

Ilya Spivak,

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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1824
  • Euro may be resuming down trend started in September vs. US Dollar
  • Short position activated, initially looking for a move below the 1.18 figure

The Euro broke support guiding prices higher over the past month, hinting the down trend started against the US Dollar in September may be resuming. The single currency succumbed to broad-based selling pressure amid disappointment in the unraveling of an almost-there Brexit accord.

From here, a daily close below the 38.2% Fibonacci expansion at 1.1756 opens the door for a challenge of the 50% level at 1.1692. Alternatively, a move back above the 23.6% Fib at 1.1834 paves the way for a retest of trend line support-turned-resistance, now at 1.1890.

A shallow break of chart support offered compelling risk/reward parameters to enter short and the trade has been triggered at 1.1824, initially targeting 1.1756. A stop-loss will be activated on a daily close above 1.1858. Half of profit will be booked and stop moved to breakeven when (and if) the first objective is met.

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