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Contributors Chart Of The Day For August 18th,2014 – EUR/USD

 

The Euro may be preparing for a rebound against the US Dollar having declined as expected after showing a bearish Evening Star candlestick pattern. The appearance of a Hammer candle coupled with positive RSI divergence now argues for an on-coming correction. Near-term resistance is at 1.3419, the 23.6% Fibonacci retracement, with a daily close above that exposing the intersection of the 38.2% level and a falling channel top at 1.3472. Alternatively, a reversal below the 23.6% Fib expansion at 1.3345 clears the way for a challenge of the 38.2% threshold at 1.3291.

We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook and have sincebooked profit on half of the position. An upswing from here will be treated as an opportunity to add to the position.

EUR/USD Technical Analysis: Holding Short in Consolidation

 

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