Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.


  • Euro drops after showing bearish candlestick pattern at resistance
  • Five-day losing streak brings prices to challenge key support level
  • Traders may seek improved risk/reward before entering new shorts

Build confidence in your Euro trading strategy with our free guide!

The Euro declined against the US Dollar as expected after putting in a bearish Dark Cloud Cover candlestick pattern on a test of 13-month downtrend resistance. In fact, the single currency has now suffered five consecutive days of losses, the longest such run since October.

This puts the currency pair at pivotal support guiding the choppy rise since mid-November, now at 1.1308. A daily close below this barrier sets the stage for a test of the November 12 low at 1.1216. Trend line resistance is now in the 1.1395-1.1479 area, followed by an inflection range in the 1.1543-54 zone.

Euro vs US Dollar price chart - daily

As of now, prices’ proximity to immediate support might make establishing new short positions unattractive from a risk/reward perspective. Traders may view waiting on the sidelines for confirmation of a break or a corrective bounce that alters this calculus as most prudent.


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter