2nd Dec 2014 EUR/USD Analysis Right at the end of yesterday’s London session the H1 chart printed a bearish inside candle that rejected both the long-term bearish triangular trend line and the expected resistant level at 1.2503. After breaking down quickly, it came back to retest the level, but then fell again during the remainder of the New York and Tokyo sessions. This was a shorting opportunity, which at the time of writing is perhaps 20 pips in profit. It remains to be seen how much further down the move will go. There may well be local support at around 1.2420 – 1.2400. Technically this leaves all the levels and the narrowing triangle intact. As there is no high-impact news due today, it is quite probable that the triangle and highlighted horizontal levels will continue to hold. There are no high-impact data releases scheduled today directly concerning either the EUR or the USD. Therefore it is likely to be a quiet day for this pair today
Posted on: Tue, 02 Dec 2014 10:51:53 +0000
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