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EUR/USD Technical Strategy: NET SHORT AT 1.2153 • locked in familiar congestion area capped near 1.17 figure • Dominant trend trajectory continues to favor broadly bearish bias • short trade in play, looking for downtrend resumption See our free guide to get help! The Euro remains locked in a choppy consolidation range after a rebound from support near the 1.13 figure stalled below resistance capping gains since early June. In fact – a brief swoon in mid-August notwithstanding – the pair has barely budged from the same congestion area since late May. Breaking above the outer layer of that barrier – now at 1.1702 – is needed to neutralize the near-term bearish bias.
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If that were to happen, the next resistance threshold would emerge in the 1.1840-52 area. Alternatively, a reversal back below support in the 1.1530-54 zone opens the door for descent back toward 1.13. Pulling back from near-term price action to size up longer-term positioning on the monthly chart, it seems clear enough that the dominant downtrend stretching back over a decade is intact. Furthermore, the most recent leg of that move – launched in April of this year – shows no apparent signs of having ended. With that in mind, the EUR/USD short position and subsequently scaled up, and then, remains in play. A stop-loss will be activated on a discretionary basis, although a daily close above 1.1702 seems like a compelling reason for an exit. EUR/USD TRADING RESOURCES • Just getting started?
See our • Having trouble with your strategy? Here’s the • and have your questions answered --- Written by Ilya Spivak, Currency Strategist for DailyFX.com To contact Ilya, use the comments section below or on Twitter. About your FOREX.com Demo Account A demo account is intended to familiarize you with the tools and features of our trading platforms and to facilitate the testing of trading strategies in a risk-free environment. Results achieved on the demo account are hypothetical and no representation is made that any account will or is likely to achieve actual profits or losses similar to those achieved in the demo account.
Conditions in the demo account cannot always reasonably reflect all of the market conditions that may affect pricing and execution in a live trading environment. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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Cardinal Athletics Mourns the Passing of Marty Dowd '60 The Catholic University community mourns the passing of retired men's tennis coach Marty Dowd '60. He served as the Cardinals' head men's tennis coach for 53 years from 1962 to 2015 and is the longest-tenured head coach in the history of the University. Dowd retired following the 2014-15 season after 44 winning seasons and a career record of 562 wins and 374 losses.
'This is a terrible loss, not just to the Dowd family, but to the Catholic University community and specifically, our Athletics Department,' said Associate Vice President and Director of Athletics Sean Sullivan.