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Contributors Chart Of The Day For December 10th,2014 – EUR/USD

 The Euro may be readying to turn higher against the US Dollar after showing a bullish Morning Star candlestick pattern within a Falling Wedge chart formation. A daily close above support-turned-resistance at 1.2386 exposes the wedge top at 1.2420. Alternatively, a turn below the 1.2213-30 zone (wedge floor, 23.6% level) opens the door for a challenge of the 38.2% Fib at 1.1974.

 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: Interim Euro Floor in Place?

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