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Forex Chart of the Day

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

  • EUR/USD Technical Strategy: Short at 1.2710
  • Support: 1.2500, 1.2316, 1.2140
  • Resistance:1.2787, 1.2852, 1.3070

The Euro corrected higher after seemingly resuming its down trend against the US Dollar last week. 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 the 38.2% level at 1.2316. Alternatively, a reversal above channel support-turned-resistance at 1.2787 opens the door for a test of the 23.6% Fib retracement at 1.2852.

Our entry order to short EURUSD at 1.2710 in line with our long-term fundamental outlook was triggered. We are initially targeting 1.2534, with a stop-loss to be activated on a daily close above 1.2886. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.

EUR/USD Technical Analysis: Short Position Now in Play

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2764, 1.2852, 1.3070 The Euro appears to be resuming the dominant down trend against the US Dollar after rebounding from the 1.25 figure, as expected. 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% […]

Top Trade Idea For October 24th, 2014 – Sell the Tasman Twins

AUD/NZD has traded in a sideways range for more than 3 months, bounded by 1.0917 and 1.1293. This week, inflation data in NZ came in weaker than expected; leading analysts to suggests that the RBNZ may pause in its current lifting of cash rates.  Under this scenario, Mr Market may expect the Kiwi dollar to […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2749, 1.2852, 1.3070 The Euro looks to be resuming the down trend against the US Dollar after correcting upward from the 1.25 figure. Near-term support is in the 1.2500-34 area, marked by the October 3 low and the 23.6% Fibonacci expansion, with a break below that on […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2731, 1.2852, 1.3070  The Euro appears to be resuming the dominant down trend against the US Dollar after rebounding from the 1.25 figure, as expected. 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% […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2668, 1.2534, 1.2316 Resistance:1.2852, 1.2931, 1.3070 The Euro is in a precarious position after bouncing as expected against the US Dollar having formed a bullish Piercing Line candlestick pattern. Prices are testing support in the 1.2668-1.2712 area (channel bottom, 14.6% Fibonacci expansion), with a daily close below that exposing the 1.2500-34 zone (October 3 low, […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2852 exposes the 38.2% level at 1.3070. Alternatively, a turn back below the October 13 close at 1.2750 opens the door for a test […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro moved higher against the US Dollar as expected after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2852, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.3070. Alternatively, a reversal below the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2852 exposes the 38.2% level at 1.3070. Alternatively, a turn back below the October 13 close at 1.2750 opens the door for a test […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro moved higher as expected against the US Dollar after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2852, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.3070. Alternatively, a reversal below the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2615, 1.2507, 1.2332 Resistance:1.2783, 1.2958, 1.3100 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2783 exposes the 38.2% level at 1.2958. Alternatively, a turn below the 14.6% Fib expansion at 1.2615 clears the way for a challenge of […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2615, 1.2507, 1.2332 Resistance:1.2783, 1.2958, 1.3100 The Euro moved higher as expected against the US Dollar after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2783, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.2958. Alternatively, a reversal below the […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2615, 1.2507, 1.2332 Resistance:1.2783, 1.2958, 1.3100 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2783 exposes the 38.2% level at 1.2958. Alternatively, a turn below the 14.6% Fib expansion at 1.2615 clears the way for a challenge of […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2653, 1.2615, 1.2507 Resistance:1.2783, 1.2958, 1.3100 The Euro moved higher as expected against the US Dollar after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2783, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.2958. Alternatively, a reversal below trend […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2703, 1.2673, 1.2633 Resistance:1.2777, 1.2848, 1.2955 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above support-turned-resistance at 1.2777, the March 2013 bottom, exposes the 38.2% Fibonacci retracement at 1.2848. Alternatively, a turn below the 1.2703-15 area marked by the November 2012 floor and […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2500, 1.2377, 1.2278 Resistance:1.2703, 1.2777, 1.2848 The Euro may have formed an interim bottom against the US Dollar after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2703, the intersection of the November 2012 bottom and a falling trend line, with a break above that on a daily closing basis […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2500, 1.2377, 1.2278 Resistance:1.2703, 1.2777, 1.2848 The Euro may be readying a rebound against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above support-turned-resistance at 1.2703, the November 2012 bottom, exposes the March 2013 floor at 1.2777. Alternatively, a drop below the 23.6% Fib expansion […]

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

By Ilya Spivak, EUR/USD Technical Strategy: Short at1.3644 Support: 1.2500, 1.2377, 1.2278 Resistance:1.2575, 1.2698, 1.2754 The Euro sank to the weakest level in over 2 years to test the 1.25 figure against the US Dollar. Near-term support is at 1.2500, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.2377. Alternatively, […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2602, 1.2532, 1.2445 Resistance:1.2673, 1.2760, 1.2858 The Euro may be preparing to launch a recovery against the US Dollar after prices put in a bullish Morning Star candlestick pattern. A daily close above the 1.2659-73 area marked by the November 2012 low and the 38.2% Fibonacci expansion exposes the 1.2754-60 zone bracketed by […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2602, 1.2532, 1.2445 Resistance:1.2673, 1.2760, 1.2858 The Euro put in a Hammer candlestick, hinting a bounce against the US Dollar may be around the corner. Near-term resistance is in the 1.2659-73 area marked by the November 2012 low and the 38.2% Fibonacci expansion, with a break above that exposing the 1.2754-60 zone bracketed […]