The AceTrader Team shares the technical setup for EUR/USD, with the team suggesting going short on the single currency, targeting 1.1245/55 levels.
Key Quotes
“On the bigger picture, euro's early decline fm last Tue's high of 1.1534 signals at least the 1st leg of correction fm Jan's 11-year trough at 1.1098 has ended there n volatile consolidation with downside bias is in store.”
“Price is expected to head to 1.1262/65, this is chart sup n 'dynamic' 61.8% r of 1.1098-1.1534 respectively n then twd 1.1221/24 sup after consolidation, however, only a daily close below 1.1202 (prev. res, now sup) wud suggest aforesaid correction has ended, euro wud be en route to re-test 1.1098, then 'psychological' 1.1000 later this week.”
“On the upside, only abv 1.1499 wud prolong choppy trading abv 1.1098 n risk another rise twd 1.1534, break there wud risk stronger correction of the MT intermediate fall fm 1.2254-1.1098 twd 1.1676 (50% r).”
“Today, we're holding a short position for one more fall to 1.1245/55 n only firm rise abv 1.1355/60 res may risk stronger retrace. to 1.1390/00 later.”
Key Quotes
“On the bigger picture, euro's early decline fm last Tue's high of 1.1534 signals at least the 1st leg of correction fm Jan's 11-year trough at 1.1098 has ended there n volatile consolidation with downside bias is in store.”
“Price is expected to head to 1.1262/65, this is chart sup n 'dynamic' 61.8% r of 1.1098-1.1534 respectively n then twd 1.1221/24 sup after consolidation, however, only a daily close below 1.1202 (prev. res, now sup) wud suggest aforesaid correction has ended, euro wud be en route to re-test 1.1098, then 'psychological' 1.1000 later this week.”
“On the upside, only abv 1.1499 wud prolong choppy trading abv 1.1098 n risk another rise twd 1.1534, break there wud risk stronger correction of the MT intermediate fall fm 1.2254-1.1098 twd 1.1676 (50% r).”
“Today, we're holding a short position for one more fall to 1.1245/55 n only firm rise abv 1.1355/60 res may risk stronger retrace. to 1.1390/00 later.”
