EUR/USD trades above uptrend support since November 2012. After abandoning the line somewhere during 2013 when the pair was moving up, the recent fall sent it back down to test the line. The line held nicely for a short while, and now it’s safe to say that it collapsed. Looking at both the daily and weekly charts, we can see that the pair is trading well below this line. Here is the weekly chart, more explanations below: While the stubborn euro could still stage a recovery and retake the line (as we’ve seen in the past), it will need more than a dead cat bounce to do so, and only dead cat bounces are in sight. The delay in EU sanctions against Russia did not really help the pair, nor did some weak data from the US. Draghi’s surprisingly strong measures as well as the dollar storm have the upper hand. 1.2859 is the current low, the lowest in 14 months. From here, the next support line is 1.2840, which worked as support in mid 2013. Stronger support awaits at 1.2750, which cushioned the pair twice in 2013. The last strong line is 1.2660, where this uptrend all began back in November 2012. On the upside, 1.2920 and 1.2955 provide resistance before the round number of 1.30. For more, see the EURUSD forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Carney signals rate hike only in the spring – GBP/USD Yohay Elam 8 years EUR/USD trades above uptrend support since November 2012. After abandoning the line somewhere during 2013 when the pair was moving up, the recent fall sent it back down to test the line. The line held nicely for a short while, and now it's safe to say that it collapsed. Looking at both the daily and weekly charts, we can see that the pair is trading well below this line. Here is the weekly chart, more explanations below: While the stubborn euro could still stage a recovery and retake the line (as we've seen in the past), it will need more… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
