EUR/USD forex technical analysis round-up: Dec. 14

ForexNewsNow | Published on December 14, 2010 at 4:55 am

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NEW YORK (Forex News Now) – The euro was rising against the greenback today, trading at 1.3427 as of around 9:30 A.M., GMT.

The euro is up 0.27% on the day and has reached a session high of 1.3476 with a low of 1.3373 so far.

This is what the analysts say about the heavily traded currency pair in the near-term:

Investija.com writes that EUR/USD significant support barrier remains at the same level.

“Despite negative channel, bulls did manage to initiate a breakout from a channel and climb towards resistance barrier at 1.3415. At the moment, bulls are testing resistance strength, possible breakout opportunity at this level is still active. Waiting action holds to confirm further bullish movements,” it writes in its intraday analysis.

Forexcycle notes that the currency pair has formed a cycle bottom at 1.3165 level on 4-hour chart.

“Now the rise from 1.3165 is treated as resumption of uptrend. Further rise is expected in a couple of days and target would be at 1.3600 area,” the realtime forex news site adds.

Finally, FXstreet writes that 1.3449 is the key level as that was the Nov. 5 low.

“A break there and we then have dual fibs, 261.8% on the way up and 38.2 for the retracement point. I would look for sell signals around this level. A break there and a full ABC sequence should be expected to 13627, which is also 50%,” it adds in advice to FX traders.

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