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Daily Recommended Trades

EUR/USD daily outlook

Tue, Nov 27 2007, 07:12 GMT
by Liviu Flesar

InnerFX  |  View company's profile


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The Euro failed to break the resistance at 1.4880 on yesterday but it managed to close slightly higher, in the 1.4870 area. Support is now formed at 1.4860 backed by 1.4840 and 1.4800. Resistance starts at 1.4880 followed by 1.4900 and 1.4920. Momentum is bullish on the daily charts while the hourly studies are neutral at the time of this writing. While the Euro holds above the 1.4840 or 1.4800 levels, it may resume the uptrend by re-testing 1.4880 and 1.4900. An extended climb through the mentioned resistances would bring the mid 1.49 area on-focus once the Euro finds support above 1.4880. On the other side, a break of the support at 1.4840 would put some pressure on the Euro which may extend the retracement towards Friday's low at 1.4790. Current quote is 1.4867 @07:06 GMT

yesterday's recommended trade: Long in the 1.4800 area, stop at 1.4770, objective at and above 1.4850. - 0 pips (entry missed)

Published on  Tue, Nov 27 2007, 07:12 GMT


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