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Contributors Chart Of The Day For December 4th,2014 – EUR/USD

The Euro moved lower against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1.2213 exposes the 38.2% level at 1.1974. Alternatively, a reversal above the 14.6% Fib at 1.2360 opens the door for a challenge of falling trend line resistance at 1.2467.

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: Support Now Below 1.23 Mark

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