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Talking Points:
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EUR/USD Technical Strategy: Short at 1.3644
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Support: 1.3151 1.3041-64 1.2977
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Resistance:1.3232 1.3281 1.3361
The Euro may be preparing to launch a corrective recovery against the US Dollar after prices put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.3232 the 14.6% Fibonacci retracement with a break above that on a daily closing basis exposing the 23.6% level at 1.3281. Alternatively a turn below the 76.4% Fib expansion at 1.3151 opens the door for a test of the 100% threshold at 1.3064.
We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains in play with a stop-loss at breakeven. We will look to any on-coming strength as an opportunity to add to the trade.
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Daily Chart - Created Using FXCM Marketscope 2.0
-- Written by Ilya Spivak Currency Strategist for DailyFX.com
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