DAILY FOREX POST – EUR/USD DECEMBER 23, 2013

EUR/USD Technical view

SPOT EUR/USD Previous day OHLC

Open	High	Low	Close	Change
1.3662	1.3709	1.3623	1.3671	0.0009

Today's Support and Resistance

Resistance
Support
R3	1.3810
R2	1.3730
R1	1.3700
S1	1.3620
S2	1.3580
S3	1.3520

EURO ended the session on Friday flat, with a positive bias, versus the greenback, capping five successive weekly gains. The pair failed to extend its gains beyond 1.3700- 1.3730, near term resistances, before skidding lower. Near term, the declines could extend to 1.3500- 1.3600, with the upside likely to be capped at 1.3730- 1.3800. The medium to long term trend however, remains bullish for targets of 1.4200; targets for the symmetrical triangle in an uptrend. Buy the pair on declines up to 1.3500

TREND DIRECTION

• Short term: Bearish
• Medium term: Bullish
• Long term: Bullish

TRADING RECOMMENDATIONS

• Short:

  • N/A

• Long:

  • At.1.3520 with a stop at 1.3480 for a profit target of 1.3700