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Contributors Chart Of The Day For December 9th,2014 – EUR/USD

By Ilya Spivak,

The Euro may be building toward a recovery against the US Dollar as prices trace out a bullish Falling Wedge chart formation. Near-term resistance is in the 1.2360-86 area, marked by the 14.6% Fibonacci expansion and the November 21 close, with a break above that on a daily closing basis exposing the wedge top at 1.2431. Alternatively, a reversal below the 1.2213-34 zone (wedge floor, 23.6% level) clears the way for a test of the 38.2% Fib at 1.1974.

We entered short EURUSD at 1.2710 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest of the trade remains open to capture any further downside momentum with a stop-loss at breakeven (1.2710).

EUR/USD Technical Analysis: Euro Rise May Be Brewing

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