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EUR/USD Threatening Break of Key Gann Threshold

EUR/USD Threatening Break of Key Gann Threshold

2014-12-12 13:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD at key near-term price point
  • Late December one of the more positive seasonal periods of the year for the euro

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

The 1x2 Gann angle line drawn from the year’s high has proven to be remarkable resistance over the past couple of months in EUR/USD as every recovery attempt during this time has failed somewhere around it. On Thursday after a brief foray above this level the euro turned down and failed once again to register a daily close above the key Gann threshold. This morning we find spot prices right back at resistance and again threatening a break. We think a close over this level would be a significant change in behavior and warn that this correction in the euro has a bit and perhaps even a lot more to run. Such a move would fit well with the clear seasonal tendency for the euro to rally into year end and further confirm the momentum divergences that have been building over the past few weeks.

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EUR.USD Chart: December 12, 2014

EUR/USD Threatening Break of Key Gann Threshold

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Week Ahead:

EUR/USD Threatening Break of Key Gann Threshold

LEVELS TO WATCH

Resistance: 1.2470 (Gann), 1.2580(Gann)

Support: 1.2355 (Gann), 1.2325 (Fibonacci)

Strategy: Buy EUR/USD

Entry: Look to buy on weakness into Tuesday if we get a close over 1.2440

Stop: Daily close under 1.2355

Target: 1.2600

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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