forex
06-12-2014, 03:12 PM
The Euro moved aggressively lower against the US Dollar, breaking out of a two-week consolidation range to issue the weakest daily close in four months. Sellers now aim to challenge the 1.3476-1.3502 area, a region bracketed by the June 5 and February 3 lows with added reinforcement from the 38.2% Fibonacci expansion. A break below that exposes the 50% level at 1.3431. Alternatively, a move above the 23.6% Fib at 1.3560 opens the way for a retest of the May 29 low at 1.3585.
Our last short EURUSD position was fully unwound last week and we are watching for a new selling opportunity in line with our long-term fundamental outlook. Risk/reward considerations argue against entering the trade for now however.
https://media.dailyfx.com/illustrations/2014/06/11/dailyclassics_eur-usd_body_Picture_12.png
By DailyFX on Jun 11, 2014 12:42:51 GMT
Our last short EURUSD position was fully unwound last week and we are watching for a new selling opportunity in line with our long-term fundamental outlook. Risk/reward considerations argue against entering the trade for now however.
https://media.dailyfx.com/illustrations/2014/06/11/dailyclassics_eur-usd_body_Picture_12.png
By DailyFX on Jun 11, 2014 12:42:51 GMT