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The Euro was rejected downward at resistance in the 1.3767-1.38 area, marked by a falling trend line set from the October 2013 swing high and double top. Initial support is at 1.3674, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 1.3613. Alternatively, a move above 1.38 broadly aims for the December 27 high at 1.3892.
We will continue to wait on the sidelines for now until a new short trade opportunity in line with our fundamental outlook presents itself after our previous attempt to sell the pair stopped out at breakeven.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com