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Contributors Chart Of The Day For September 8th,2014 -EUR/USD
  • EUR/USD Technical Strategy: Short at1.3644
  • Support: 1.2933, 1.2864, 1.2794
  • Resistance:1.3020, 1.3073, 1.3104

 The Euro is in digestion mode after plummeting below the 1.30 figure against the US Dollar for the first time in over a year. Near-term support is at 1.2933, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.2864. Alternatively, a reversal above the intersection of the 23.6% Fib and channel floor support-turned-resistance at 1.3020 clears the way for a challenge of the 14.6% expansion at 1.3073.

 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 any further downside momentum with a stop-loss at 1.3583, our initial objective.

EUR/USD Technical Analysis: Stalling After Sub-1.30 Plunge

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