Forex4you Daily Technical Analysis - November 08, 2010
EUR/USD: Technical Analysis
Assumptions of the previous comments, that the "bears" have all chances to seize the initiative are likely to come true. The price breached key supports 1.4100 ? 1.4040, and the trading is currently carried on at level 1.3920/10. Indicators are tyurned downwards, suggesting further descending of the price. Uptrend channel line (red lines) breakout indicates a possibility of a next fall to 1.3780 and then to the range 1.3660/00. At the same time, there is a rather strong support on the way - level 1.3860, which has all chances to prevent the price from falling. Reversal upwards, beyond 1.4040 will give reasons to expect a return to the "bullish" scenario. Level 1.3860 is very likely to be tested in the nearest future.
GBP/USD: Technical Analysis
The price continued its fall and breached support 1.6140/30, which had been previously seen as the support, indicating the "bullish" potential. The trading is currently carried on around levels 1.6110/20. Indicators prefer further downward movement. The next significant support at level 1.6070/60 is likely to be tested very soon. If it's breahed, we'll be expecting a reversal and a medium-term downtrend. A raise above resistance 1.6140/50 is not enough to anticipate a reversal to growth, in this case resistance level 1.6120/15 has to be breached. If the growth recommences and maximum 1.6300 is breached, the next resistance is likely to appear at level 1.6340/70.
Analysis by: Forex4you.com
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Assumptions of the previous comments, that the "bears" have all chances to seize the initiative are likely to come true. The price breached key supports 1.4100 ? 1.4040, and the trading is currently carried on at level 1.3920/10. Indicators are tyurned downwards, suggesting further descending of the price. Uptrend channel line (red lines) breakout indicates a possibility of a next fall to 1.3780 and then to the range 1.3660/00. At the same time, there is a rather strong support on the way - level 1.3860, which has all chances to prevent the price from falling. Reversal upwards, beyond 1.4040 will give reasons to expect a return to the "bullish" scenario. Level 1.3860 is very likely to be tested in the nearest future.
GBP/USD: Technical Analysis
The price continued its fall and breached support 1.6140/30, which had been previously seen as the support, indicating the "bullish" potential. The trading is currently carried on around levels 1.6110/20. Indicators prefer further downward movement. The next significant support at level 1.6070/60 is likely to be tested very soon. If it's breahed, we'll be expecting a reversal and a medium-term downtrend. A raise above resistance 1.6140/50 is not enough to anticipate a reversal to growth, in this case resistance level 1.6120/15 has to be breached. If the growth recommences and maximum 1.6300 is breached, the next resistance is likely to appear at level 1.6340/70.
Analysis by: Forex4you.com
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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