EUR/USD Technical Analysis: Buyers Targeting 1.25 Figure
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- EUR/USD Technical Strategy: Flat
- Support: 1.2373, 1.2246, 1.2146
- Resistance:1.2501, 1.2658, 1.2913
The Euro advanced against the US Dollar as expected having completed a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2501, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.2658. Alternatively, a reversal below wedge top resistance-turned-support at 1.2373 clears the way for a test of the December 8 low at 1.2246.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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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.