EUR/USD daily price chart
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EUR/USD Weekly Technical Analysis: Euro Looking to Clear 2017 High

DailyFX.com -

Highlights :

  • EUR/USD treaded water around peak levels from last year
  • In week ahead looking for a breakout above 12092 to gain momentum
  • Channel from mid-December in focus to keep short-term trend structure intact

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The euro concluded the first week of the year effectively where it started, with see-saw price action dominating trade. The indecision comes as no surprise given where it is currently trading. Last year's high arriving around the 2012 low led to a fairly lengthy correction.

EUR/USD will need to break above 12092 to further along its move higher. The channel dating back to mid-December keeps the near-term bullish trend structure intact. As long as the lower parallel holds, then it shouldn't be long before a breakout develops.

Should the lower parallel of the channel break, there is price support from the November high at 11961. Given it would require a break of the bullish channel to reach that point, a hold there will be important before we could see selling accelerate down to the April trend-line under 11900.

To find resistance following a breakout we need to go back to a minor swing-low carved out during the 2014 decline. clocking in at 12247. It may give pause to upward momentum, but it's not viewed as a significant level of resistance. The next major level (or line this this case) is the 2008 trend-line, running in the 12500s.

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EUR/USD: Daily

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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