To receive Ilya’s analysis directly via email, please SIGN UP HERE
Talking Points:
EUR/USD Technical Strategy: Short at 1.3654
Support: 1.3598 (76.4% Fib exp.), 1.3476 (Feb 3 low)
Resistance:1.3673 (61.8% Fib exp.), 1.3716 (wedge floor)
The Euro is aiming to move lower after taking out the bottom of a Rising Wedge chart formation carved out over the past six months. Near-term support is now at 1.3598, the 76.4% Fibonacci retracement. A break below this barrier targets the February 3 low at 1.3476. Resistance is at 1.3673, the 61.8% level, with a turn above aiming for the Wedge bottom at 1.3716.
We entered short EURUSD at 1.3654 in line with our long-term fundamental outlook. The initial target is 1.3598. A stop-loss is set to activate on a daily close above 1.3710. We will book profit on half of the trade and trail the stop to breakeven once the first objective is hit.
Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
EUR/USD Technical Analysis ? Selloff Expected to Resume
No comments:
Post a Comment