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Thread: EUR/USD pair discussion

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    Talking EUR/USD pair discussion

    Today is such a dormant day for USD there is no news for the currency and it tends to have an upper hand over EUR. on the other hand EUR has only two events for the day- with Consumer Confidence gone traders await ECB President Trichet's speech at 17:00 (5pm nigerian time). As a scalper I expect some sort of volatility or fast movement during his (trichet) speech.

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    I enter two trades, one short on GBPUSD and the other short on EURUSD, got 60 pip on each.

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    Definitely a bad day for the EUR across most majors, 4 open trades short EUR/USD,
    Short EUR/GBP,
    short EUR/CHF,
    short EURJPY all trades are netting 300pips.

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    EUR hits a 2 fresh month low against the Dollar. A lot of Buzz over Irish Bailout. The market is still very pessimistic now.

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    EURUSD Outlook

    The EURUSD didn't make significant movement yesterday. The bias is neutral in nearest term. Overall price still in consolidation phase with range area between 1.3438 - 1.3170. Short around 1.3438 or long around 1.3170 seems to be the best strategy for now, until we have a clear break on either side to see clearer direction. I still prefer a bearish scenario after the false breakout, but would need a clear break below 1.3170 to see further bearish validation testing 1.3100 - 1.3060 and 1.2968. Immediate resistance at 1.3338. Clear break above that area could trigger further upside pressure re-testing 1.3438. Immediate support at 1.3230. Break below that area could trigger further downside pressure re-testing 1.3170.

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    EUR/USD closed slightly higher due to short covering on Thursday as it consolidates some of Wednesday's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the reaction low crossing would temper the near-term friendly outlook.

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    EUR/USD closed lower on Friday as it extends last week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. Closes below the reaction low crossing would temper the near-term friendly outlook. If it renews the rally off November's low, the reaction high crossing is the next upside target.

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    The EURUSD was volatile but indecisive last week, but overall looks like the pressure is more to the downside as price is now traded below 1.3170 key support area after break below the rising wedge, testing 1.2968 – 1.2920 this week. Nearest term target is seen around 1.3100 – 1.3060. A movement back above 1.3170 could lead us to neutral zone in nearest term testing 1.3280 resistance area.

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    EUR/USD closed lower on Monday as it extends last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off last week's high, November's low crossing is the next downside target. Closes above last week's high crossing would renew the rally off November's low.

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    The EURUSD continued its bearish pressure yesterday, bottomed at 1.3093 and closed at 1.3116 but corrected higher earlier today in Asian session hit 1.3193. As you can see on daily chart below we have an important trend line support, which could be a good technical support for the Euro as we are entering Christmas season and the end of the year. The bias is neutral in nearest term, but a clear break above 1.3193 could trigger further bullish pullback testing 1.3250 resistance area. On the downside, break below 1.3116 (current low) would keep the bearish pressure remains strong targeting 1.3060 before testing 1.2968 – 1.2920 this week

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