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DailyFX.com - To receive Ilyas analysis directly via email, please SIGN UP HERE Talking Points: EUR/USD Technical Strategy: Short at 1.1317 Euro turns higher vs. US Dollar as expected but ECB may stymie progress Short trade still in play to capture down trend resumption after correction The Euro is attempting to correct higher as expected , with prices taking out near-term trend line resistance guiding the decline from early-May swing highs. Upside momentum may be stymied by a dovish posture from the ECB at the upcoming monetary policy announcement however. A daily close above the 23.6% Fibonacci retracement at 1.1220 opens the door for a challenge of the 38.2% level at 1.1296. Alternatively, a reversal below the 14.6% Fib at 1.1174 paves the way for a retest of the May 30 low at 1.1098. Near-term gains are expected to be corrective within the context of a longer-term down trend. With that in mind, remaining exposure on a EUR/USD short trade at 1.1317 after partial profits were booked will remain in play to capture renewed downside momentum. The stop-loss has been adjusted to breakeven. Is Euro price action matching DailyFX analysts’ 2016 outlook? Find out here ! EUR/USD Technical Analysis: Euro Gains as ECB Approaches original source DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM . View comments
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