EUR/USD Technical Analysis | EUR/USD Trading: 2014-12-29 | IFCM UAE
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EUR/USD Technical Analysis - EUR/USD Trading: 2014-12-29

Trend in progress

Today we consider EUR/USD currency pair on the D1 chart. In line with long-term bullish players (W1), there is a bearish momentum formation on the daily chart. Parabolic historical values are moving along the D1 downtrend line, confirming the market sentiment. Donchian Channel is also demonstrating the negative bias. The only alarming signal comes from the RSI-Bars oscillator: it indicates the sideways movement. The support breakout at 27.5216% may be considered as a confirmatory signal. It is expected to be preceded by a strong bearish momentum and the price level intersection at 1.21576. This mark can be used for opening a pending sell order with Stop Loss placed above the fractal resistance at 1.25768. This key level is also confirmed by ParabolicSAR historical values, the upper Donchian Channel boundary, and the D1 trend line crossing. We deem that the proposed scheme of risk management should be comfortable for conservative traders.

EUR/USD

After position opening, Stop Loss is to be moved after the Parabolic values, near the next fractal high. Updating is enough to be done every day after a new Bill Williams fractal formation (5 candlesticks). Thus, we are changing the probable profit/loss ratio to the breakeven point.

PositionSell
Sell stopbelow 1.21576
Stop lossabove 1.25768

Dear traders. For the detailed report of the strategy based on analytical issues of technical analysis click here.


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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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