#Technical Analysis: #EURUSD 11/12/14 #EUR November Monthly candle closed as a new low at 1.2463; the 29/11/14 Weekly candle closed as a new low at 1.2285. Yesterday’s Daily candle closed higher at 1.2447, above potential key resistance at 1.2400. No change from yesterday’s analysis, #Euros downtrend remains intact therefore continued bearish momentum could force price lower to the next potential soft support level at 1.2200, which bisects the base of a long term symmetrical triangle. Beyond this is a potential soft support level at 1.2050. However buying has recently increased which has partly helped form a falling wedge pattern. Usually this pattern would indicate a possible change to bullish sentiment. Coupled with potential overextension from the Monthly 10 #EMA, consequently a bullish correction would be a logical outcome. We would at least need to see a higher close above the recent swing high at 1.2601 before considering this as an option. Stay tuned for more #Forex updates with CWM FX. Visit us at cwmfx and start trading smarter today.
Posted on: Thu, 11 Dec 2014 14:45:00 +0000
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