Technical analysis on EUR/USD for October 24, 2014



The greenback is supported by the strong US weekly jobless claims numbers. On Wednesday's session the pair was falling below the ascending symmetric triangle, closed below that and 20dsma as well. In yesterday's session, the pair was rejected at the 20Dsma level. The initial resistance level was at 1.2689 levels. Until the pair closes above 1.2690, sell on every rise. In the h4 chart, the prices are facing a strong resistance level at 12DEMA. On the downside, the pair has support at 1.2625, below this, 1.2606, 1.2584 and 1.2578 are open targets. The selling pressure will increase below 1.2578 (the 80.0 fib level) towards the previous lows at 1.2500 which are strong support and key trend decider levels. On the other side, 1.2676, above 1.2686, 1.2710 and 1.2740 are strong resistance levels. We recommend fresh selling below 1.2625 or wait for an upswing to start selling at 1.2740 levels.

Trade- Selling below 1.2625


More analysis - at instaforex.com