Forex Today Daily Analysis and Signals EUR USD 12.19.2013
EURUSD
Opening 1.3683 EURUSD today opened lower than yesterday opening Wednesday of the previous price downtrend from 1.3768 and EURUSD pair is going on this. technically use fibonaci price now 1.3666 and the price you want to try the heading price is 1.3673 and if the price can be more transparent then the price will go to 1.3673 even 1.3707 to 1.3742 price range movement - 1.3913, but if the price is not capable of penetrating the price will return down towards 1.3639 price movements price range 1.3604 - 1.3536
The end result saw a choppy half hour but with little direction and the dollar made a lot of noise but has ended up doing little from a directional perspective. The Euro remains largely within the 1.37/1.38 range having been up to 1.3811, where it has failed again, before falling to a low of 1.3673, and currently sits right on 1.3700.
On the downside, the break of 1.3700 has taken us us back to test the first major Fibo support at 1.3688 (23.6% of 1.3294/1.3810) and then the 1.3675 support, which at this point currently still holds. A break of this would head back towards 1.3650 and potentially to Fridays spike low at 1.3617, where the next Fibo support also lies (1.3612: 38.2% of 1.3294/1.3810).
Our preference: Short positions below 1.372 with targets @ 1.363 & 1.358 in extension.
Alternative scenario: Above 1.372 look for further upside with 1.375 & 1.378 as targets.
Comment: the pair stands below its new resistance and remains under pressure.
Stay very flexible, or even better shut up shop altogether as liquidity thins out ahead of Christmas.
Economic data highlights will include:
EU Council Meeting, Current Account, US Existing Home Sales, Jobless Claims
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