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23rd November – EUR/USD Technical Analysis Update

23rd November – EUR/USD Technical Analysis Update

Forex-FX: 23rd November – EUR/USD Technical Analysis Update – Euro/Dollar

(EURUSD Analysis Update – 22/23rd November 2012,

  • Euro/dollar has now seen an extended move above the 200 period SMA and near term range resistance highs.  This upside price action also marked a push above the 1.3138 -1.2662 38.2% retrace and trend line resistance area, as can be seen on the EUR/USD daily chart below.
  • Price is now testing the previous support lows around 1.2880, with the closely aligned 50% corrective retrace level as technical confluence.
  • Heading into the 23rd November trading sessions, we will be monitoring the 1.2800 area on any pullback to this key area, which has recently seen price-pivot action.  
  • The near term bottoming we are currently seeing initiated after the bullish pinbar formed on the 13th Nov.  This EUR/USD upside has been seen on continued signs of increasing risk appetite.  Nonetheless, the fundamental backdrop in Europe brings the constant threat that the market could see a swift change in sentiment at any given time.
  • There is always the corrective risk of a drop back down into the recent range but the 1.3000 level is likewise a focus.  Any prolonged upside would need to breach the 1.3000 area, a significant technical level for this pair.
  • When referencing related currency crosses, we note the euro experienced broad based gains.  The EUR/JPY hit  a near seven-month high and is currently trading at 106.27 and +0.37%.  EUR/GBP has also extended recent gains and is now trading almost 80 pips above the 0.8000 psychological round number area.

    eurusd 23rd November   EUR/USD Technical Analysis Update

    EUR/USD Analysis – Daily Chart – 22-23rd November Update

23rd November EURUSD 23rd November   EUR/USD Technical Analysis Update EUR/USD Technical Analysis Report – Euro/Dollar Outlook 23rd November.

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