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EUR/USD Eyes Support Below 1.10

Published 05/06/2015, 02:23 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1148
  • Support: 1.0982, 1.0793, 1.0487
  • Resistance:1.1271, 1.1517, 1.1766

The euro put in a bearish Evening Star candlestick pattern, hinting a move lower against the US dollar may be in the cards. A daily close below the 14.6% Fibonacci expansion at 1.0982 exposes the 23.6% level at 1.0793. Alternatively, a push above the 38.2% Fib retracement at 1.1271 opens the door for a challenge of the 50% threshold at 1.1519.

We entered short EURUSD at 1.1148 in line with our long-term outlook, initially targeting 1.0982. A stop-loss will be triggered on a daily close above 1.1289. We will book half of the trade and move the stop-loss to breakeven when the first target is hit.

EUR/USD Technical Analysis: From 11/21/2014-Present

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