Today is Tue, November 25, 2014 17:23:31 GMT
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Forex Chart of the Day

Chart Of The Day For November 25th,2014 – EUR/USD

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2360, 1.2213, 1.1974
  • Resistance:1.2549, 1.2599, 1.2770

The Euro may have resumed its longer-term decline against the US Dollar after prices completed a Flag continuation chart pattern last week. A daily close below the 14.6% Fibonacci expansionat 1.2360 exposes the 23.6% level at 1.2213. Alternatively, a reversal above falling trend line resistance at 1.2549opens the door for a test of the November 19 high at 1.2599.

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: November Bottom Under Fire

Chart Of The Day For November 24th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2334, 1.2272, 1.2194 Resistance:1.2397, 1.2494, 1.2559 The Euro looks to have resumed its decline against the US Dollar after prices recoiled from trend line resistance set from mid-October. Near-term support is at 1.2334, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at […]

Chart Of The Day For November 21th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2482, 1.2397, 1.2334 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the intersection of a falling trend line and the 38.2% Fibonacci retracementat 1.2559 exposes the 50% level at 1.2621. Alternatively, a reversal below rising trend […]

Chart Of The Day For November 20th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2471, 1.2397, 1.2334 Resistance:1.2582, 1.2621, 1.2684 The Euro moved higher against the US Dollar as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is in the 1.2559-82, marked by a falling trend line and the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% […]

Chart Of The Day For November 19th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2457, 1.2374, 1.2312 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracementat 1.2559 exposes the 1.2594-1.2621 area marked by a falling trend line set from mid-October and the 50% level. Alternatively, a reversal […]

Chart Of The Day For November 18th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2374, 1.2312, 1.2249 Resistance:1.2451, 1.2559, 1.2621 The Euro may be readying to turn lower anew against the US Dollar following the formation of a Bearish Engulfing candlestick pattern. A narrow close below 23.6% Fibonacci expansion at 1.2451 appears to have exposed the 38.2% level at 1.2374, with a further drop below that […]

Chart Of The Day For November 17th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2482, 1.2434, 1.2357 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracementat 1.2559 exposes the intersection of a falling trend line and the 50% level at 1.2621. Alternatively, a reversal below the 23.6% […]

Chart Of The Day For November 14th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2352, 1.2299, 1.2234 Resistance:1.2482, 1.2559, 1.2621 The Euro may be on the verge of a turn higher against the US Dollar following the emergence of a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2482, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the […]

Chart Of The Day For November 13th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2352, 1.2299, 1.2234 Resistance:1.2482, 1.2559, 1.2621 The Euro may be preparing to launch a recovery against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2482 exposes the 38.2% level at 1.2559. Alternatively, a reversal below the 50% Fib expansion […]

Chart Of The Day For November 12th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2352, 1.2299, 1.2234 Resistance:1.2482, 1.2559, 1.2621 The Euro may be on the verge of a turn higher against the US Dollar following the emergence of a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2482, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the […]

Chart Of The Day For November 11th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2352, 1.2299, 1.2234 Resistance:1.2482, 1.2559, 1.2621  The Euro may be preparing to launch a recovery against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2482 exposes the 38.2% level at 1.2559. Alternatively, a reversal below the 50% Fib expansion […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2352, 1.2299, 1.2234 Resistance:1.2482, 1.2559, 1.2621 The Euro may be on the verge of a turn higher against the US Dollar following the emergence of a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2482, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the […]

Chart Of The Day For November 7th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2286, 1.2145, 1.1969 Resistance:1.2428, 1.2603, 1.2689 The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 50% Fibonacci expansion at 1.2286 exposes the 61.8% level at 1.2145. Alternatively, a turn above the […]

Chart Of The Day For November 6th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2428, 1.2286, 1.2145 Resistance:1.2603, 1.2703, 1.2886 The Euro is consolidating losses against the US Dollar after prices plunged below the 1.2500 figure. Near-term support is at 1.2428, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.2286. Alternatively, a reversal above the […]

Chart Of The Day For November 5th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2428, 1.2286, 1.2145 Resistance:1.2603, 1.2713, 1.2886 The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 38.2% Fibonacci expansion at 1.2428 exposes the 50% level at 1.2286. Alternatively, a turn above the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2316, 1.2140, 1.1963 Resistance:1.2534, 1.2723, 1.2886 The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 38.2% Fibonacci expansion at 1.2316 exposes the 50% level at 1.2140. Alternatively, a turn above the […]

Chart Of The Day For November 3rd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2737, 1.2886, 1.3000 The Euro continues to press downward against the US Dollar, with prices probing the lowest levels in over two years. Near-term support is in the 1.2500-34 area, marked by the October 3 low and the 23.6% Fibonacci expansion, with a daily close below that exposing […]

Chart Of The Day For October 31th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2746, 1.2852, 1.3070 The Euro appears to be returning to the down trend against the US Dollar after completing a Flag continuation pattern last week. A daily close below support in the 1.2500-34 area marked by the October 3 low and the 23.6% Fibonacci expansion exposes the 38.2% level […]

Top Trade Idea For October 29th, 2014 – AUD/CAD

With the markets fully focused on the outcome of the FOMC tonight, it may be best to avoid looking at assets which will be directly impacted by the Fed’s decision. In this regard, one currency pair that has caught my eye is the AUD/CAD, which could be on the verge of resuming its downward trend. […]

Chart Of The Day For October 29th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2805, 1.2852, 1.3070 The Euro drifted higher against the US Dollar in a move that appears corrective in the context of last week’s Flag breakout marking bearish trend resumption. A daily close below support in the 1.2500-34 area marked by the October 3 low and the 23.6% Fibonacci expansion […]

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