Daily Forecast - 28 November 2014
EURUSD
EURUSD now testing the next target of 1.2455/50 as I write, for profit taking on any remaining shorts. This is the key to direction today & although the outlook is very negative, a bounce from here initially this morning is certainly possible. However any longs need stops below 1.2430 & on a break lower look for a move towards the next support at 1.2415/05, but be aware that a break below 1.2400 should then target the November double bottom lows at 1.2360/55. Obviously a weekly close tonight below here would add pressure in to the start of December in the seven-month bear trend & target 1.2290/85 then 1.2254/44.
Holding support at 1.2455/50 triggers a small bounce to 1.2465/70 & perhaps as far as 1.2475/80. If we continue higher look for a selling opportunity at 1.2505/10. A high for the day is expected but shorts need stops above 1.2530. Just be aware that a weekly close tonight above 1.2505/10 would be much more positive in to the start of December.
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