Euro suffered in the largest one-day loss in over a week against the US Dollar after retesting broken trend line support.
Euro Remains Under Pressure The euro remains under pressure in the last trading day of February after prices failed to overtak…Feb 29 2016nigerianews.info
The plunge broke support guiding the Euro recovery following the currency’s post-“Brexit” plunge, hinting down trend resumption may be at hand.
Near-term support is at 1.1018, the 50% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a challenge of the 61.8% level at 1.0876. Alternatively, a push above the 1.1159-93 area (trend line support-turned-resistance, 38.2% Fib) paves the way for a retest of resistance at 1.1393.
The Euro entry order to short EUR/USD at 1.1112 has been triggered and prices are now approaching the trade’s first target at 1.1018. If that level is hit, half of the position will be booked and the remainder left open to capture further weakness with a stop-loss adjusted to breakeven.