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Forex Chart of the Day

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

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2173, 1.2080, 1.1929
  • Resistance:1.2246, 1.2324, 1.2418

The Euro dropped for a fifth consecutive day against the US Dollar, setting a new 28-month low against the US Dollar. A daily close below the 61.8% Fibonacci expansion at 1.2173 exposes the 76.4% level at 1.2080. Alternatively, a reversal above the 50% Fib at 1.2249 opens the door for a test of the 38.2% expansion at 1.2324.

Risk/reward considerations argue against entering short with prices in close proximity to support. We will remain flat for now, waiting until an attractive selling opportunity in line with our long-term outlook presents itself.

EUR/USD Technical Analysis: Support Met Below 1.22 Mark

Chart Of The Day For December 23rd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2173, 1.2080, 1.1929 Resistance:1.2246, 1.2324, 1.2418 The Euro paused to digest losses after sinking to a new 28-month low against the US Dollar but positioning hints a move below 1.22 is ahead. Near-term support is at 1.2173, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% […]

Chart Of The Day For December 22nd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2173, 1.2080, 1.1929 Resistance:1.2246, 1.2324, 1.2418 The Euro sank to a 28-month low against the US Dollar, with sellers now aiming to breach the 1.22 figure. A daily close below the 61.8% Fibonacci expansion at 1.2173 exposes the 76.4% level at 1.2080. Alternatively, a turn above the 50% Fib at 1.2249 opens the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2246, 1.2173, 1.2080 Resistance:1.2324, 1.2418, 1.2569 The Euro continued downward for a second day against the US Dollar, with prices now threatening December’s swing bottom. Near-term support is at 1.2246-49, the December 8 low and the 50% Fibonacci expansion, with a break below that exposing the 61.8% level at 1.2173. Alternatively, a reversal […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2324, 1.2249, 1.2173 Resistance:1.2418, 1.2569, 1.2676 The Euro turned sharply lower against the US Dollar, with sellers reclaiming a foothold below the 1.24 figure. A daily close below the intersection of falling wedge top resistance-turned-support and the 38.2% Fibonacci expansion at 1.2324 exposes the 50% level at 1.2249. Alternatively, a turn above the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2491, 1.2397, 1.2340 Resistance:1.2566, 1.2642, 1.2735 The Euro advanced against the US Dollar as expected having completed a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2566, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1.2642. Alternatively, a reversal below the 38.2% Fib at […]

Chart Of The Day For December 16th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2362, 1.2246, 1.2147 Resistance:1.2501, 1.2658, 1.2913 The Euro paused to consolidate gains having reversed higher as expected after putting in a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.2501 exposes the 23.6% level at 1.2658. Alternatively, a turn below wedge top resistance-turned-support at 1.2362 opens the door for […]

Chart Of The Day For December 15th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2373, 1.2246, 1.2146 Resistance:1.2501, 1.2658, 1.2913 The Euro advanced against the US Dollar as expected having completed a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2501, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.2658. Alternatively, a reversal below wedge top resistance-turned-support at […]

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

By Ilya Spivak, EUR/USD Technical Strategy: Flat Support: 1.2384, 1.2246, 1.2144 Resistance:1.2501, 1.2658, 1.2913 The Euro paused to consolidate gains having reversed higher as expected after putting in a bullish Morning Star candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.2501 exposes the 23.6% level at 1.2658. Alternatively, a turn below wedge top resistance-turned-support at 1.2384 opens the door for […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 12397, 1.2246, 1.2142 Resistance:1.2501, 1.2658, 1.2913   The Euro broke out upward from a Falling Wedge chart formation as expected after showing a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2501, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.2658. Alternatively, […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2386, 1.2420, 1.2501  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 […]

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

By Ilya Spivak, EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2386, 1.2431, 1.2599 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 […]

Chart Of The Day For December 8th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2279, 1.2213, 1.1974 Resistance:1.2455, 1.2529, 1.2683  The Euro may be preparing to rebound against the US Dollar as prices carve out a bullish Falling Wedge chart formation. A daily close above the 1.2360-86 area marked by the 14.6% Fibonacci expansion and the November 21 close exposes the wedge top at 1.2440. Alternatively, […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2279, 1.2213, 1.1974 Resistance:1.2455, 1.2529, 1.2683 The Euro may have established an interim bottom against the US Dollar after prices completed a bullish Piercing Line candlestick pattern. Near-term trend line resistance is at 1.2455, with a break above that on a daily closing basis exposing the 14.6% Fibonacci retracement at 1.2529. Alternatively, […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2360, 1.2467, 1.2599 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 […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2479, 1.2599, 1.2770 The Euro looks to be resuming its down trend against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.2360, 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.2213. Alternatively, […]

Chart Of The Day For December 2nd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2488, 1.2599, 1.2770  The Euro may be readying a resumption of its down trend against the US Dollar after prices produced a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 1.2360 exposes the 23.6% level at 1.2213. Alternatively, a reversal above falling trend line […]

Chart Of The Day For December 1st,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2501, 1.2599, 1.2770 The Euro may have resumed the down trend against the US Dollar following the appearance of a Bearish Engulfing candlestick pattern. Near-term resistance is at 1.2501, a falling trend line set from mid-October, with a break above that on a daily closing basis exposing the November […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2522, 1.2599, 1.2770 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 […]

Chart Of The Day For November 26th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2535, 1.2599, 1.2770 The Euro managed to claw some lost territory against the US Dollar after find support below the 1.24 figure. Near-term support is in the 1.2357-60 area, marked by the November 7 low and the 14.6% Fibonacci expansion, with a break below that on a daily closing […]