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Contributors Chart Of The Day For November 28th,2014 – EUR/USD

The Euro advanced to re-test the upper boundary of its 8-week down trend against the US Dollar having found a floor below the 1.24 figure. A daily close above trend line resistance at 1.2522 exposes the November 19 high at 1.2599. Alternatively, a reversal below the 14.6% Fibonacci expansion at 1.2360opens the door for a test of the 23.6% level at 1.2213.

We sold EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The remainder of the trade is open to capture any further downside momentum with a stop-loss trailed to breakeven (1.2710).

EUR/USD Technical Analysis: 8-Week Down Trend Challenged

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