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

The Euro moved higher against the US Dollar as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is in the 1.2559-82, marked by a falling trend line and the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.2621. Alternatively, a turn below rising trend line support at 1.2471clears the way for a challenge of the 38.2% Fib expansion at 1.2397.

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: Monthly Down Trend at Risk

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