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

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 38.2% level at 1.2559. Alternatively, a turn below the 50% Fib expansion at 1.2352 clears the way for a challenge of the 61.8% threshold at 1.2299.

We entered short EURUSD at 1.2710 in line with our long-term fundamental outlook and have since booked profit on half of the position. The rest of the trade remains open to capture any further downside momentum with a stop-loss at breakeven (1.2710).

EUR/USD Technical Analysis: Spotlight on Resistance Sub-1.25

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