FX.co ★ EUR/USD Sell Bellow 1.2835 - For November 21, 2012 (Daily Strategy)

During the Asian session the EUR/USD pair fell to 1.2740 support; as there is a very strong support above 1.27. According to the graph the euro is in a bearish channel. It is likely to reach the 1.2835 level, at this level we recommend selling the pair. On the other hand, a break of the downtrend line bluntly and a weekly close above 1.2850 increases the odds of a new upward sequence, which targets at the next fractal 1.3005.

However, the 200 day moving average periods is just above 1.2820. Thus, we recommend paying attention to this level, because the outlook of the euro will be bullish above this level.

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