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EUR/USD Technical Analysis: Wedge Pattern Hints at Bounce

EUR/USD Technical Analysis: Wedge Pattern Hints at Bounce

2014-12-08 04:26:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2279, 1.2213, 1.1974
  • Resistance:1.2455, 1.2529, 1.2683

The Euro may be preparing to rebound against the US Dollar as prices carve out a bullish Falling Wedge chart formation. A daily close above the 1.2360-86 area marked by the 14.6% Fibonacci expansion and the November 21 close exposes the wedge top at 1.2440. Alternatively, a reversal below the 1.2213-38 zone (wedge floor, 23.6% level) opens the door for a challenge of the 38.2% Fib at 1.1974.

We sold EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The remainder of the trade is open to capture any further downside momentum with a stop-loss trailed to breakeven (1.2710).

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Wedge Pattern Hints at Bounce

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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