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EURUSD Technical Analysis for December 28, 2015


The daily chart here indicates that EURUSD could be setting up for a drop from current levels. The pair is seen to be trading around 1.0970/75 levels at the moment and is expected to drop towards 1.0700/20 levels at least, before taking further directional moves. The past support turned resistance trend line has held prices lower till now. The pair could be dropping in a counter trend move at least towards 1.0700/20 levels and will be deciding on the next big move from there. Immediate resistance is seen at 1.1059 levels while support is seen through 1.0700/20  levels respectively. Also note that 1.0700 levels is also the fibonacci 0.618 support for the rally between 1.05 and 1.1059 levels respectively. Looking into the wave structure, the most likely probability should be a drop from here. The RSI trading at 63 levels might also be hinting the same.

Trading recommendations:

Short now, stop at 1.1063, target 1.0700/20.

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