EUR/USD Has Fallen Slightly
Zachary Storella | Dec 20, 2013 02:23AM ET
EUR/USD Trends And Major Market Levels Analysis
The EUR/USD currency pair has been falling slightly in forex market trading today after a sharp decline in trading on Wednesday. The EUR/USD has reached a high of 1.36935 today while marking a low point of 1.36487 so far on the day. Trends data shows the pair has crossed over into a short-term downtrend with prices trading under the 21-period linear moving average. Over the longer term trend, the pair continues to be in an uptrend as seen on the daily chart by the 90-day Linear Regression Channels below.
The EUR/USD pair was brought below the 1.3700 level in Wednesday’s trading following the US Fed decision to pullback slightly or taper their monthly stimulus program. This news was positive for the US dollar against the other major currencies in the short-term. Going forward for the EUR/USD, watch for near term resistance at the 1.3700 major level while support will likely be seen at the 1.3650 level and then the 1.3600 area looming below.
EUR/USD Trends Data: Linear Regression Indicator
10-day current trend is BULLISH / Trend strength of 2.6 pips
30-day current trend is BULLISH / Trend strength of 394.2 pips
60-day current trend is BULLISH / Trend strength of 101.8 pips
90-day current trend is BULLISH / Trend strength of 405.6 pips
180-day current trend is BULLISH / Trend strength of 769.6 pips
Fibonacci Retracement Levels: Past 100 Days
– 0.000 – 1.38317
– 0.236 – 1.36600
– 0.382 – 1.35537
– 0.500 – 1.34679
– 0.618 – 1.33820
– 0.764 – 1.32757
– 1.000 – 1.31040
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