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29 Dec 2014
EUR/USD oversold in all time frames – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas comments that the EUR/USD pair is in a bear trend but is also oversold in all time frames, further noting that the support at 1.2170/65 is key to direction today.
Key Quotes
“EURUSD in a bear trend of course but oversold in all time frames. 6 week trend line support at 1.2170/65 is key to direction today but break lower is certainly possible in the bear trend to target MAJOR NINE YEAR trend line support at 1.2135/25. This is absolutely crucial. If trying longs we need stops below 1.2100. A break lower would heap on yet more pressure and target 2012 lows at 1.2040.”
“Immediate resistance at 1.2215/20 to try shorts with a stop above 1.2245. A break higher however could then target 1.2270/75. We could try shorts here with a stop above 1.2300.”
Key Quotes
“EURUSD in a bear trend of course but oversold in all time frames. 6 week trend line support at 1.2170/65 is key to direction today but break lower is certainly possible in the bear trend to target MAJOR NINE YEAR trend line support at 1.2135/25. This is absolutely crucial. If trying longs we need stops below 1.2100. A break lower would heap on yet more pressure and target 2012 lows at 1.2040.”
“Immediate resistance at 1.2215/20 to try shorts with a stop above 1.2245. A break higher however could then target 1.2270/75. We could try shorts here with a stop above 1.2300.”