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Contributors Chart Of The Day For August 25th,2014- EUR/USD

 

The Euro declined to hit an 11-month low against the US Dollar after carving out a Triangle chart formation. A daily close below the 1.3182-1.3204 area marked by the 61.8% Fibonacci expansion and a falling channel floor exposes the 76.4% level at 1.3151. Alternatively, a reversal above the 50% Fib at 1.3248 opens the door for a test of the 38.2% expansion at 1.3291.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest remains open to capture continued downside momentum. The stop-loss is now at breakeven level.

EUR/USD Technical Analysis: Short Held on Channel Floor Test

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