11.11.201404:40 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 11, 2014

The stronger US dollar pushed the Euro to lower levels. The pair closed at the lowest point of the day. The pair has been making lower highs on the monthly chart for 5 months. The pair has weekly resistance at 1.2580, 1.2630, and 1.2770. Until the prices close below 1.2500 on a daily basis, bears will have an upper hand. As we recommended earlier, sell on every upswing with downside initial targets at 1.2300 and 1.2230. As we know, President Draghi said the ECB would soon start purchases of asset-backed securities for two years. On the downside, the pair has support at 1.2350; below this 1.2226 is the major support level. For an intraday view, the prices are taking support at 35DEMA. But the pair has strong hourly resistance at 1.2445. Above this 1.2470 will act as another resistance level. On the down side, the pair has support at the 1.2410 and 1.2366 levels. In case if the pair corrects below 1.2400 again, the selling pressure will increase. The panic will be triggered below the 1.2358 levels. On a positional basis, we recommend selling on every upswing.