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

  • EUR/USD Technical Strategy: Flat
  • Support: 1.2173, 1.2080, 1.1929
  • Resistance:1.2246, 1.2324, 1.2418

The Euro paused to digest losses after sinking to a new 28-month low against the US Dollar but positioning hints a move below 1.22 is ahead. Near-term support is at 1.2173, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 1.2080. Alternatively, a reversal above the 50% Fib at 1.2249 clears the way for a test of the 38.2% expansion at 1.2324.

Prices are wedged too closely between near-term support and resistance levels to justify entering a long or short trade from a risk/reward perspective. With that in mind, we will remain on the sidelines for now an attractive selling opportunity in line with our long-term outlook presents itself.

EUR/USD Technical Analysis: Down Move Stalls Above 1.22

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