18.11.201402:38 Forex Analysis & Reviews: Technical Analysis of EUR/USD for November 18, 2014

The pair made a double top at 1.2577 in yesterday's session and slipped more than 100 pips. The pair closed at the lowest point of the day. As we recommended in yesterday's article, my selling recommendation gave 45 pips. From an hourly trading view, the pair has been making base support at 1.2444. We recommend fresh selling again at 1.2440 and safe selling below 1.2434 with the targets at 1.2420, 1.2414, 1.2395, 1.2379, and 1.2350. The pair favors selling on rallies on a positional basis. Today, traders are focused on German Zew economic sentiment data and US CPI data. The pair has resistance at 1.2464, above this at 1.2485 and 1.2500. We can expect a strong hourly upswing above the 1.2510 levels. Currently, the pair is trading in a tight range between 1.2444 and 1.2464. In case if the price breaches 1.2464, it can challenge towards 1.2475,1.2500, and 1.2507. We recommend strong selling below the 1.2440 levels. The FED is going to raise its interest rates, which adds fuel to the US dollar. The ECB's easing results in weakness of the Euro. The monthly resistance exists at 1.2757 and monthly support exists at 1.2227. The pair has weekly parallel resistance at 1.2577 and support at the 1.2420 levels.