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EUR/USD Targets Key Support Confluence at Monthly Open

Euro turned lower last week and we’re looking for possible price exhaustion on a move towards a key support zone at 1.1312/20- this region is defined by 100% extension of the recent decline, the 61.8% retracement of the monthly advance and the November open. Initial resistance stands at 1.1383 with a breach above 1.1413/17 needed to validate a near-term reversal. In this webinar we review updated technical setups on DXY, EUR/USD, AUD/USD, NZD/USD, USD/CAD, Gold, Crude Oil (WTI), USD/JPY, NZD/JPY and AUD/JPY.

Why does the average trader lose? Avoid these Mistakes in your trading

Key Levels in Focus

DXY – Looking for possible failure / exhaustion into resistance targets at 97.06/17. Near-term support / bullish invalidation at 96.43/45.

AUD/USD – Risk is lower while below 7286 but looking for exhaustion lower near support targets at 7200 and 7145.

Gold – Price is struggling at October trendline resistance- Constructive while abovemonthly open support- key resistance steady at 1236/38.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy – Next Episode on Friday 12/14 at 10:30am ET

Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com