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EUR/USD Technical Analysis: Euro Digesting Upward Break

EUR/USD Technical Analysis: Euro Digesting Upward Break

2014-12-12 05:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2384, 1.2246, 1.2144
  • Resistance:1.2501, 1.2658, 1.2913

The Euro paused to consolidate gains having reversed higher as expected after putting in a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.2501 exposes the 23.6% level at 1.2658. Alternatively, a turn below wedge top resistance-turned-support at 1.2384 opens the door for a challenge of the December 8 low at 1.2246.

Current positioning does not offer an actionable trade setup. Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of an immediate bullish reversal signal suggests taking up the long side is premature.

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

EUR/USD Technical Analysis: Euro Digesting Upward Break

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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