EUR/USD Sell Recommendation Issued @1.4150

LOOKING TO SELL OVERSHOOT OF FORMER HOURLY DOUBLE TOP NECKLINE

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 DailyFX.com
If you wish to receive Joel’s reports in a more timely fashion, e-mail
[email protected] and you will be added to the “distribution” list.

Joel Kruger publishes 6 daily pieces:

“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)

“Morning Slices” – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).
Monday-Friday (between 6:30am-7:30am EST)

“Indicator of the Day”A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
Monday-Friday (between 8:00am-9:00am EST)

“Midday Snapshot” – A Midday Fundamental Update, along with Technical Analysis of Selected Rates.
Monday-Friday (between 10:30am-11:30am EST)

“Scandi Daily” A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)

“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)

Visit the DailyFX Forex Stream for Real-Time News and Market Updates