Chart Of The Day For May 2nd, 2014 – EUR/USD
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
- Resistance: 1.3905 (Apr 11 high)
The Euro remains in consolidation mode against the US Dollar,
with prices waiting for a clear-cut directional catalyst near the 1.38
figure. A daily close below the 38.2% Fibonacci expansion 1.3793
initially exposes the 50% level at 1.3758. The first layer of
significant resistance is at 1.3905, the April 11 high.
Our long-term fundamental outlook calls
for a weaker Euro but taking a short here is unattractive from a
risk/reward perspective given the pair’s proximity to near-term support.
As such, we will remain on the sidelines for the time being and wait
for a more actionable selling opportunity to presents itself.
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