EUR/USD Technical Analysis: Profit Booked on Half of Short

By DailyFx | July 14, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3583, 1.3502-12, 1.3454
  • Resistance:1.3689, 1.3747, 1.3805

The Euro declined as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. A daily close below the 1.3583-96 area, marked by a rising trend line and the 23.6% Fibonacci expansion, exposes the 1.3502-12 region (June 5 low, 38.2% level).Alternatively, a turn above the (38.2% Fib retracement at 1.3689 opens the door for a test of the 50% threshold at 1.3747.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook. The selloff has paused at trend line support and we will now book profit on half of the trade as a precaution, moving the stop-loss to the breakeven level on remaining exposure.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Profit Booked on Half of Short

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. EUR/USD keeps the 1.2650 area
    Forex News

    EUR/USD keeps the 1.2650 area

  2. SEB: EUR/USD temporary bounce from support - eFXnews
    Forex News

    SEB: EUR/USD temporary bounce from support - eFXnews

  3. US yields may soon be on the rise again - BTMU
    Forex News

    US yields may soon be on the rise again - BTMU

  4. Credit Agricole: EUR/USD sensitivity to risk appetite could return - eFXnews
    Forex News

    Credit Agricole: EUR/USD sensitivity to risk appetite could return - eFXnews

  5. EUR/USD Continues to Meander
    Investing

    EUR/USD Continues to Meander

Trading Center