Late U.S. Session Trade: Short EUR/USD 1.1899-1.1908

A key level is coming into play for the EUR/USD. As mentioned earlier in the session by my colleague Skerdian, a strong topside resistance level present at 1.1900 to 1.1908. Price action has broken out to the bull during today’s U.S. session. A possible test of this level may be coming soon.

Technicals

Awhile back I mentioned the probability of the EUR/USD returning to test the 1.1900 level. It took longer than anticipated, but it looks as though the year’s uptrend has resumed.

EUR/USD 60-Minute Chart: Challenge of 1.1900

Bottom Line: 1.1900 to August’s high of 1.1908 is an area of interest and one that will be hotly contested. A short trade from here is a premium.

I am looking at an entry zone of 1.1899-1.1908 for the short. A 1:1 scalp will be my initial play, with a longer term position held looking for 2:1 and 3:1 risk once price exhaustion has been confirmed.

As always, trade smart and for tomorrow!

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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