This calendar week stocks lots of important economic events which can greatly affect the pair in the near term. We can expect highly volatile week ahead of the ECB press conference on Thursday December 04, 2014. This week started with a SNB vote on a gold-asset requirement. The Swiss referendum weighs against Gold and supported the US dollar. On the Euro front, Spanish and Italian manufacturing PMI will be published. On the greenback front, ISM manufacturing PMI data will be released at today's session. Today, the pair opened on a bearish note, opened higher at 1.2463. Until the prices are trading below 1.2463, we recommend not to be on the buying side. The pair has the nearest support at 1.2350 and 1.2320. Panic will be triggered below 1.2320. Bears can challenge 200 odd pips on the down side. If a weekly close is below 1.2350, we can expect 500 odd pips correction on the down side from the longer-term view. The pair has strong longer-term support at 1.2226. Below 1.2226, the levels of 1.2045 and 1.1876 are another multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2320 and 1.2230.

From an intraday view, the prices are closed and trading below 12ema and 35DEMA. The pair opened below the 20Dsma. The pair has been taking support at 1.2427. We recommend fresh selling below 1.2425 with the targets at 1.2415, 1.2405 ,1.2395, and 1.2375. On the down side, the pair has support at 1.2358, below this 1.2350, 1.2325 and 1.2228. In case if the pair corrects below 1.2358, again the selling pressure will increase. The panic will be triggered below 1.2320. On an intraday and positional basis, we recommend selling on every upswing.

Trade: selling below 1.2425.