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Weekly Forex Signals

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Long−term objectives could see Euro rise against USD

Mon, Nov 16 2009, 12:57 GMT
by Anthony Boyajian

Finotec Group Inc.


Long signalShort signal
Buy a break of resistance level at 1.5065Sell a break of support level at 1.4940
EUR/USDBuy a break of resistance level at 1.5270Sell a break of support level at 1.4890
Buy a bounce at 1.4940Sell a failure of breaking the resistance 1.5065


Fundamental

The euro rose for a second day against the dollar as signs the global economy is recovering boosted demand for higher-yielding assets.The euro gained against 12 of its 16 most-active counterparts as Japan’s gross domestic product expanded for a second-consecutive quarter. The dollar fell against 14 major currencies after Asia-Pacific leaders pledged to maintain stimulus measures until there’s “durable” growth.


Technical

Technical analysis shows us the euro may continue its uptrend against U.S. dollar as MACD show us a divergences. RSI is in an uptrend. Bollinger gives us a bullish signal by closing the candle above the middle line.

EUR/USD (Daily Chart)

The primary tendency shows us a clear uptrend.

EURUSD

EUR/USD (4 Hour Chart)

The pair fails to make a higher high.

EURUSD

EUR/USD (Hourly Chart)

The Minor trend trying to break 1.5000.

EURUSD

Resistance
1.5065
1.5270

Support
1.4940
1.4890


Archive

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FINOTEC Trading’s Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.

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