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EUR/USD: Selling Opportunity

Published 04/01/2014, 06:39 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Weekly Chart

The EUR/USD hit trend line and Fibonacci support at 1.3720/10 with a low for the day as predicted. We then reached resistance at 1.3810/20 with a high for the day expected for a selling opportunity and topped exactly here. Immediate support is 1.3765 but below here targets 1.3720/10 with a low for the day very possible once again. Try longs with stops below 1.3700. A break lower however keeps the market under pressure to test the 100 day moving average and Fibonacci support at 1.3675/65 for a short term buying opportunity.

Resistance again at 1.3810/20 to try shorts with stops above 1.3845. On a break higher we could target 1.3875/80.

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