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Contributors Chart Of The Day For August 4th, 2014 – EUR/USD

The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A shallow rebound sees prices testing resistance at 1.3445, the 23.6% Fibonacci retracement. A daily close above that exposes 1.3493, the intersection of the 38.2% level and a falling channel top. Alternatively, turn below the 14.6% Fib at 1.3415 opens the door for another challenge of the November 8 2013 close at 1.3366.

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook. We have sincebooked profit on half of the position. The remainder of the trade remains active with a stop-loss at the breakeven level.

EUR/USD Technical Analysis: Holding Short Through Bounce

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