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Forex Chart of the Day

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 38.2% level. Alternatively, a turn above rising trend line support-turned-resistance at 1.3653 clears the way for a challenge of the 38.2% Fibonacci retracement at 1.3689.

Our long-term fundamental outlook favors selling the Euro but prices are too close to support to justify a short from a risk/reward perspective at current levels. We will remain on the sidelines until an actionable setup presents itself.

EUR/USD Technical Analysis: Support Met Below 1.36 Mark

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 […]

Chart Of The Day For June 23rd, 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 A Euro recovery against the US Dollar has been interrupted at falling trend line resistance near the 1.36 figure. The barrier is now at 1.3632, with a break above that targeting the 1.3676-89 area marked by the June 6 high and the 38.2% Fibonacci retracement. Alternatively, […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3585, 1.3502, 1.3476 Resistance:1.3637, 1.3689. 1.3747 The Euro continues to retrace recent losses against the US Dollar having found support above the 1.35 figure, advancing to a ten-day high. Near-term resistance is at 1.3637, a falling trend line set from mid-May. A break above that exposes the 1.3676-89 area, marked by […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low) Resistance:1.3600 (channel top), 1.3676-89 (38.2% Fib ret., Jun 6 high) The Euro edged cautiously higher against the US Dollar, issuing the strongest daily close in over a week. A close above 1.3585, the May 29 low, has exposing a falling channel top at 1.3600. […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low) Resistance:1.3574-85 (14.6% Fib ret., May 29 low), 1.3618 (23.6% Fib ret.) The Euro is treading water as prices digest recent losses against the US Dollar that brought the pair to a four-month low. Near-term support is seen in the 1.3476-1.3502 zone, an area bracketed by […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low) Resistance:1.3574-85 (14.6% Fib ret., May 29 low), 1.3618 (23.6% Fib ret.) The Euro is attempting a cautious recovery against the US Dollar, with prices pulling up to the highest level in a week. Near-term resistance is in the 1.3574-85 area, marked by the 14.6% […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low, 38.2% Fib exp.), 1.3431 (50% Fib exp.) Resistance:1.3560 (23.6% Fib exp.), 1.3585 (May 29 low) The Euro is treading water above the 1.35 figure as prices digest recent losses against the US Dollarthat brought the pair to a four-month low. Near-term support is seen […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low, 38.2% Fib exp.), 1.3431 (50% Fib exp.) Resistance:1.3560 (23.6% Fib exp.), 1.3585 (May 29 low) The Euro continued to edge downward against the US Dollar after yesterday’s aggressive downturn, issuing the lowest close in four months. Near-term support is seen in the 1.3476-1.3502 zone, an […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.3476-1.3502 (Feb 3 low, Jun 5 low, 38.2% Fib exp.), 1.3431 (50% Fib exp.) Resistance:1.3560 (23.6% Fib exp.), 1.3585 (May 29 low) The Euro moved aggressively lower against the US Dollar, breaking out of a two-week consolidation range to issue the weakest daily close in four months. Sellers now aim to challenge […]

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

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.3585 (May 29 low), 1.3502 (Jun 5 low) Resistance:1.3667 (23.6% Fib exp.), 1.3769 (38.2% Fib exp.) The Euro continues to consolidate in a familiar range against the US Dollar after last week’s ECB-inspired fireworks failed to produce a breakout. Support is at 1.3585, the May 29 low. A break below that on a […]