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EUR/USD Technical Analysis: Trump-Induced Bounce Aborted

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A Euro recovery following the test of five-month trend support was swiftly aborted, putting prices on the precipice of a major downturn once again. The single currency bounced as Donald Trump talked down the US Dollar but the move proved to be fleeting, as expected .

Rising trend line support is now at 1.0575. A break below that confirmed on a daily closing basis opens the door for a test the December 15 low at 1.0367. Alternatively, a reversal above 1.0682 - a noteworthy inflection point since late January - exposes downward-sloping resistance set from early May 2016, now at 1.0820.

The EUR/USD trade triggered at 1.0684 met its initial objective at 1.0605 and half of profits have been booked . The remainder of the position continues to be in play, looking to capture renewed weakness. The stop-loss has been adjusted to the breakeven level.

Read more: http://www.nasdaq.com/article/eurusd-te ... z4eQBIKt34


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