EUR/USD Technical Strategy: Short at 1.0700
Euro puts in longest losing streak in over four years vs. US Dollar
Short trade activated at 1.07 aims for return to December 2015 low
The Euro fell for the eighth consecutive day against the US Dollar, breaching the 1.07 figure and marking the longest losing streak in over four years. The pair has faced heavy selling pressure as the greenback soared against a backdrop of firming Fed rate hike bets after the US presidential election.
Near-term support is now in the 1.0517-34 area (December 2015 low, 100% Fibonacci expansion), with a daily close below that exposing the 123.6% level at 1.0353. Alternatively, a reversal back above the 76.4% Fib at 1.0715 sees the next upside barrier in the 1.0826-51 zone (October 25 low, 61.8% expansion).
Prices have extended downward to a significant extent but previous episodes of significant trend change have delivered follow-on momentum even after sharp directional swings. With that in mind, a short trade has been triggered at 1.07, initially targeting 1.0534 with a stop-loss triggered on a daily close above 1.0715.
dailyclassics_eur-usd_body_Picture_12_Ink_LI.jpg
Big attention, news are coming for today !
Euro puts in longest losing streak in over four years vs. US Dollar
Short trade activated at 1.07 aims for return to December 2015 low
The Euro fell for the eighth consecutive day against the US Dollar, breaching the 1.07 figure and marking the longest losing streak in over four years. The pair has faced heavy selling pressure as the greenback soared against a backdrop of firming Fed rate hike bets after the US presidential election.
Near-term support is now in the 1.0517-34 area (December 2015 low, 100% Fibonacci expansion), with a daily close below that exposing the 123.6% level at 1.0353. Alternatively, a reversal back above the 76.4% Fib at 1.0715 sees the next upside barrier in the 1.0826-51 zone (October 25 low, 61.8% expansion).
Prices have extended downward to a significant extent but previous episodes of significant trend change have delivered follow-on momentum even after sharp directional swings. With that in mind, a short trade has been triggered at 1.07, initially targeting 1.0534 with a stop-loss triggered on a daily close above 1.0715.
dailyclassics_eur-usd_body_Picture_12_Ink_LI.jpg
Big attention, news are coming for today !
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