Forex: EUR/USD Technical Analysis ? Short Trade Setup Sought
Here you can find all the latest breaking forex and currency news about Forex: EUR/USD Technical Analysis ? Short Trade Setup Sought including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3709 (38.2% Fib ret.), 1.3681 (channel floor)
- Resistance: 1.3830 (channel top)
The Euro declined as expected against the US Dollar and we are looking for an actionable short trade setup in line with our long-term fundamental outlook. Close proximity to near-term support at 1.3709, the 38.2% Fibonacci retracement, argues against entering short at current levels from a risk/reward perspective. Furthermore, it seems tactically prudent to wait before taking new directional bets on the greenback until after the release of the pivotal Nonfarm Payrolls data due in the hours ahead.
A break below support on a daily closing basis initially exposes the channel bottom, now at 1.3681. Alternatively, a bounce aims for the first layer of significant resistance at the channel top (1.3830).
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
original source
The article above is about breaking forex and currency news regarding Forex: EUR/USD Technical Analysis ? Short Trade Setup Sought, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- Japanese Yen Gains, Nikkei Falls as BOJ Leaves Policy Unchanged
- Chinese Business Sentiment Contracts for the First Time in 4 Months
- Dismal UK Retail Sales to Spur Another Test of GBP/USD Resilience
- Forex-Webinar:-FOMC-Minutes-Reinforce-Hike-Forecast
- Trading Video: Dollar Fails to Rally on Hawkish FOMC, Equities Rally
- Among Top Themes, Where is the Risk Most Potent: Fed Hike, China, EM?
- EUR/USD Technical Analysis: Looking to Short on Bounce
- US Dollar Declines as FOMC Minutes Bring Nothing New to the Table
- US DOLLAR Technical Analysis: USD Holds Support on FOMC Minutes
- WTI Crude Oil Price Forecast: What Now That $40bbl Broke?
- Fingertrp Scalping with James Stanley (Using Tradingview Charts)
- EUR/USD Risks Fresh Monthly Lows on Hawkish FOMC Minutes
- Analyst Pick - Kiwi & CAD in Focus
- Price & Time: USD/CAD ? It?s Showtime
- GBP/USD Ranges Ahead of FOMC Minutes
- President Xi Warns That China Faces Considerable Downward Pressure
- FOMC Minutes Later Today - USD Set for October 28 Redux
- Silver Price Is Targeting Its Yearly Low
- FTSE 100: Commodity Markets Wants to See The FTSE 100 at 6040
- DAX 30: Momentum Slows Down, FOMC Minutes on Tap
- US Dollar May Extend Gains as Fed Minutes Foreshadow Rate Hike
- Copper Surplus Faces Falling Premiums; Gold Slides before Fed Minutes
- China Real Estate Market Recovery Slows in October
- Traders Not as Confident of Fed Hike as Markets, Economists
- EUR/GBP Technical Analysis: Euro Drops to 3-Month Low
- Dollar Unmoved After China Treasury Holdings Hit a 7 Month Low
- Can Dollar Climb Continue After FOMC Forecast Shift?
- Dollar’s CPI Rally Lacking, Stall in Risk Raises Yen Crosses Appeal
- NZD/USD Technical Analysis: Short Trade Activated Sub-0.65
- Will the DAX Crack or Cower from Resistance?