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EUR/USD Technical Analysis: Stalling at Trend Line Support

EUR/USD Technical Analysis: Stalling at Trend Line Support

2014-12-31 03:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2136, 1.2080, 1.1929
  • Resistance:1.2173, 1.2249, 1.2324

The Euro has stalled after sinking to a 28-month low against the US Dollar, with prices waiting for a new directional catalyst. A daily close below falling trend line support at 1.2136 exposes the 76.4% Fibonacci expansion at 1.2080. Alternatively, a reversal above the 61.8% Fib at 1.2173 clears the way for a test of the 50% expansion at 1.2249.

Prices are too close to support to justify entering short from a risk/reward perspective. With that in mind, we will continue to stand aside until an attractive selling opportunity in line with our long-term outlook presents itself.

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

EUR/USD Technical Analysis: Stalling at Trend Line Support

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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