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EUR/USD: Short Trade Setup Sought

Published 06/02/2015, 01:11 AM
Updated 07/09/2023, 06:31 AM

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0911, 1.0852, 1.0758
  • Resistance:1.1005, 1.1065, 1.1142

The euro may be preparing to turn higher against the US dollar following the appearance of a bullish Morning Star candlestick pattern. A daily close above the May 29 high at 1.1005 exposes the 38.2% Fibonacci retracement at 1.1065. Alternatively, a turn below the 14.6% Fib expansion at 1.0911 opens the door for a challenge of the 23.6% level at 1.0852.

Our long-term outlook calls for broad-based euro weakness. With that in mind, we will treat any on-coming gains as corrective and wait for the move higher to offer a selling opportunity. In the meantime, we will remain on the sidelines.

EUR/USD Technical Analysis: 3/27/2015 - 5/28/2015

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