EUR/USD TECHNICAL STRATEGY: SHORT AT 1.2407
Euro topped at channel roof, threatening the counter-incline line. Break bring down opens the entryway for a trial of help beneath 1.22. Bearish inclination nullification point set up over 1.24 stamp.
The Euro is trying key close term bolster against the US Dollar, with a break opening the entryway for the resumption of a two-month downtrend. Value activity has been characterized by a rough falling channel since a twofold best was cut out beneath the 1.26 figure in late January to mid-February.(Daily Forex Signals)
A day by day close underneath drift line bolster controlling the most recent rise – now at 1.2288 – makes room for another test of the 38.2% Fibonacci retracement at 1.2173. Then again, a push above range protection at 1.2446 would likewise rupture the channel best and uncover the 1.2537-8 territory (38.2% Fib retracement, twofold best).
The second 50% of a short EUR/USD exchange activated at 1.2407 stays in play after halfway benefit was reserved at the position’s first target, hoping to exploit descending pattern resumption. A stop-misfortune will be enacted on every day close over 1.2446. Scale-in circumstances will be assessed as they show up. Source