EUR/USD Sell Recommendation Issued @1.4150


Eur/Usd: We fear that things could get quite ugly today with the market showing the potential for a painful break higher before once again resuming the downward price action that we have seen over the past couple of days. As such, we will look to take advantage of any intraday rallies that overshoot the previous hourly double top neckline by 1.4120, in anticipation of a bearish continuation and fresh drop towards the double top measured move objective in the lower 1.3900’s. The 78.6% fib retracement off of the most recent 1.4200-1.4005 move comes in by 1.4155 and we will use the mid-figure as an ideal entry point for our short trade. STRATEGY: SELL @1.4150 FOR AN OPEN OBJECTIVE, STOP @1.4355. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5pm ET) ON THURSDAY.

Written by Joel Kruger, Technical Currency Strategist for
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