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Forex Chart of the Day

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

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3502-12, 1.3454, 1.3396
  • Resistance:1.3583, 1.3613, 1.3650

The Euro fell as expected after prices produced a bearish Evening Star candlestick pattern, sinking to the lowest level in a monthagainst US Dollar. Sellers are testing support in the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low). A daily close below this boundary initially exposes 1.3454 (50% Fib). Alternatively, move back above 1.3583 (23.6% Fib) targets a falling trend line at 1.3613, followed by the July 10 high at 1.3650.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The stop-loss on our remaining exposure has been moved to the breakeven level.

EUR/USD Technical Analysis: Short Position Still in Play

Chart Of The Day For July 21st, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-607, 1.3650, 1.3689 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-607, 1.3650, 1.3689 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-1.3603, 1.3650, 1.3689 The Euro fell as expected after prices produced a bearish Evening Star candlestick pattern, sinking to the lowest level in a monthagainst US Dollar. Sellers are set to test support in the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low). A daily close below this boundary initially […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-1.36, 1.3650, 1.3689 The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. Sellers are now targeting the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low), with a break below that on a daily closing basis exposing 1.3454 (50% Fib). Alternatively, a turn above […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3689, 1.3747, 1.3805 The Euro declined as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. A daily close below the 1.3583-96 area, marked by a rising trend line and the 23.6% Fibonacci expansion, exposes the 1.3502-12 region (June 5 low, 38.2% level).Alternatively, a turn […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3674-89, 1.3747, 1.3805   The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. A break below the 23.6% Fibonacci expansion at 1.3583 exposes the 1.3502-12 area, marked by the June 5 low and the 38.2% level.Alternatively, a move above the 1.3674-89 area, marked […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3668, 1.3689, 1.3747 The Euro declined as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. Support is at 1.3583, the 23.6% Fibonacci expansion, with a daily close below that exposing the 1.3502-12 area marked by the June 5 low and the 38.2% level.A turn […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3661, 1.3689, 1.3747 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern below the 1.37 figure. A corrective bounce has offered an improvement in risk/reward parameters and we will now enter shortin line with our long-term fundamental outlook, initially targeting a […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3653, 1.3689, 1.3747 The Euro fell against the US Dollar as expected after the pair produced a bearish Evening Star candlestick pattern below the 1.37 figure. A daily close below support is at 1.3583, the 23.6% Fibonacci expansion, targets the 1.3502-12 area marked by the June 5 low and the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3646, 1.3689, 1.3747 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern below the 1.37 figure. Sellers are testing support at 1.3583, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 1.3502-12 cluster marked […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3654, 1.3583, 1.3502-12 Resistance:1.3689-1.37, 1.3747, 1.3805 The Euro may have set a top below 1.37 to the US Dollar after prices carved out a bearish Evening Star candlestick pattern. A daily close below rising trend line support at 1.3654 exposes the 23.6% Fibonacci expansion at 1.3583. Alternatively, a reversal above the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3654, 1.3583, 1.3502-12 Resistance:1.3689-1.37, 1.3747, 1.3805 The Euro may have set a top below 1.37 to the US Dollar after prices carved out a bearish Evening Star candlestick pattern. A daily close below rising trend line support at 1.3654 exposes the 23.6% Fibonacci expansion at 1.3583. Alternatively, a reversal above the 38.2% […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3620, 1.3585, 1.3476-1.3502 Resistance:1.3689, 1.3747, 1.3805 The Euro paused to digest gains following an expected rally against the US Dollar, failing to overcome resistance below the 1.37 figure. A daily close above the 38.2% Fibonacci retracement at 1.3689 initially exposes the 50% level at 1.3747. Alternatively, a move below resistance-turned-support marked by a […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3623, 1.3585, 1.3476-1.3502 Resistance:1.3689, 1.3747, 1.3805 A Euro continued to push higher against the US Dollar as expected, with buyers now aiming to clear a path above the 1.37 figure. The pair is flirting with resistance at 1.3689, the 38.2% Fibonacci retracement, with a daily close above this barrier targeting the 50% level […]

Chart Of The Day For June 30th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3626, 1.3585, 1.3476-1.3502 Resistance:1.3676-89, 1.3747, 1.3805 A Euro appears poised to extend its recovery against the US Dollar after clearing falling trend line resistance set from mid-May. Buyers are now aiming to challenge the 1.3676-89 area marked by the June 6 high and the 38.2% Fibonacci retracement, with a break higher on […]

Chart Of The Day For June 27th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3585, 1.3502, 1.3476 Resistance:1.3630, 1.3689, 1.3747 A Euro is in consolidation mode after a recovery against the US Dollar was cut short at falling trend line resistance near the 1.36 figure. The barrier is now at 1.3630, with a break above that targeting the 1.3676-89 area marked by the June 6 high […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3585, 1.3502, 1.3476 Resistance:1.3632, 1.3689, 1.3747 The Euro is attempting to extend is recovery against the US Dollar but a defined bullish breakout remains elusive. Prices are testing falling trend line resistance at 1.3632, with a daily close above that exposing the 1.3676-89 area marked by the June 6 high and the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3585, 1.3502, 1.3476 Resistance:1.3625, 1.3689, 1.3747 A Euro is in consolidation mode after a recovery against the US Dollar was cut short at falling trend line resistance near the 1.36 figure. The barrier is now at 1.3625, with a break above that targeting the 1.3676-89 area marked by the June 6 high […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3585, 1.3502, 1.3476 Resistance:1.3629, 1.3689, 1.3747 The Euro is having a hard time renewing upward momentum against the US Dollar, with prices flat-lining near the 1.36 figure. Near-term resistance is at 1.3629, a falling trend line set from mid-May. A break above that exposes the 1.3676-89 area, marked by the June […]

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