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25 Sept 2014 EUR/USD Analysis

25 Sept 2014 EUR/USD Analysis

EURUSD, EUR/USD, Euro, Technical Analysis, Forex, Trading Long term downtrend channel develops as EUR/USD trades below 1.279 last seen in Jul 2013

EURUSD, EUR/USD, Euro, Technical Analysis, Forex, Trading 1.283 support has seen EUR/USD consolidate and trade sideways, with the strong USD pushing the pair lower

EURUSD, EUR/USD, Euro, Technical Analysis, Forex, Trading Trading near the next fibonacci extension level 141.4% at 1.277

Technical analysis shows that the lack of support between 1.283-1.279 saw the strength of USD push the EUR/USD rate even lower towards the lowest this year and not seen since July 2013. Traditional MACD shows clear signs of maintaining below 0 and remaining bearish, while the long term (Daily chart) analysis on the Fibonacci Extension shows support likely to occur for retracement only at 1.274 (the low of March 2013). With no major data coming out from the Eurozone today, U.S unemployment claims would be the next major mover that decides the movement of this pair.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Bearish1.2671.2741.2761.2791.2831.289Resistance at 1.281.2851.276

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