22 Dec 2014
SEB: EUR/USD 2012 low bearishly violated – eFXnews
FXStreet (Barcelona) - The eFXnews Team notes SEB observes that the long-term trendline is under pressure after the EUR/USD pair broke the 2012 low at 1.2242.
Key Quotes
“The market is a far cry from rechecking the 1.28s now. Last week's U-Turn nullifies earlier bullish potential coming with the positive weekly candle the week before last. A long-term (2010-2012) trendline is under pressure after breaking the 2012 low (1.2242). If not stopping here at a short-term 127.2% Fibo extension ref or at descending line of support now at 1.2160 and/or the 161.8% Fibo projection ref at 1.2140, the 2010 low of 12042 would become fully exposed.”
“For today the downside also deserves focus with the recent fresh low extending the near-term downtrend. A 1.2247/53 pivot is first-hand resistance but 1.2303 (the Fri high) should also be a strong ref since it coincides with the current intraday stretch. The same stretch on the downside is currently located at 1.2180.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“The market is a far cry from rechecking the 1.28s now. Last week's U-Turn nullifies earlier bullish potential coming with the positive weekly candle the week before last. A long-term (2010-2012) trendline is under pressure after breaking the 2012 low (1.2242). If not stopping here at a short-term 127.2% Fibo extension ref or at descending line of support now at 1.2160 and/or the 161.8% Fibo projection ref at 1.2140, the 2010 low of 12042 would become fully exposed.”
“For today the downside also deserves focus with the recent fresh low extending the near-term downtrend. A 1.2247/53 pivot is first-hand resistance but 1.2303 (the Fri high) should also be a strong ref since it coincides with the current intraday stretch. The same stretch on the downside is currently located at 1.2180.”
This content has been provided under specific arrangement with eFXnews.