Technical Analysis: #EURUSD 01/12/14 #EUR November Monthly bar closed at 1.2463; the 22/11/14 Weekly bar closed at 1.2449. #Euros downtrend remains intact but price is rather overextended from the Monthly 10 EMA and after four weeks of failing to break below 1.2400 price is indicating minor bullish sentiment, which is also presently substantiated by Daily Stochastic bullish divergence. For signs of a defined change in sentiment from bearish to bullish we would need to see a higher close above the recent swing high at 1.2601. As we said last week: Should price close above 1.2601, EUR could push price towards the Weekly resistance zone at 1.2675 - 1.2700, .618 Fib, channel trend line resistance and Daily 50 EMA. Price is still finding resistance at 1.2500 and the Daily 20 #EMA, this may temporarily force price down towards a minor potential support level at 1.2445 or lower to retest 1.2400. A failure to hold above 1.2400 and a fall below the new low close at 1.2373, could send price lower towards soft support at 1.2325; the next potential support level would be 1.2250 - 1.2200, which bisects the base of a long term symmetrical triangle. Trade Smarter with CWM FX. Stay tuned for more #Forex updates - visit us at cwmfx and start trading today.
Posted on: Mon, 01 Dec 2014 15:30:01 +0000
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