EUR/USD: Euro Rebound Ahead?
Dailyfx | Sep 10, 2014 03:06AM ET
Talking Points:
- EUR/USD Technical Strategy: Short at 1.3644
- Support: 1.2864, 1.2794, 1.2708
- Resistance:1.2981, 1.3057, 1.3104
The euro may be preparing to correct higher against the US dollar after prices completed a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2981, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.3057. Alternatively, a reversal below the 50% Fib expansion at 1.2864 clears the way for a challenge of the 61.8% threshold at 1.2794.
We sold EUR/USD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains open to capture any further downside momentum with a stop-loss at 1.3583, our initial objective.
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