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Talking Points:
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EUR/USD Technical Strategy: Short at 1.2710
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Support: 1.2352 1.2299 1.2234
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Resistance:1.2482 1.2559 1.2621
The Euro may be preparing to launch a recovery against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2482 exposes the 38.2% level at 1.2559. Alternatively a reversal below the 50% Fib expansion at 1.2352 opens the door for a test of the 61.8% threshold at 1.2299.
We sold EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The remainder of the trade is open to capture any further downside momentum with a stop-loss trailed to breakeven (1.2710).
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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