Forexpros Daily Analysis - 24/11/2010

ForexPros Daily Analysis November 24, 2010


Forex Trend Analysis

The trend for EURUSD this week is DOWN and we will be looking for SHORT trading opportunity.

Forex Technical Analysis

Daily Chart
The price has crossed below the 200 EMA and is moving back up to retest the new resistance level.

Hourly Chart
There are several major resistance level on this time frame at around 1.34607. It consists of 2 Fibonacci and 1 Daily Pivot Level.

Overall Forex Analysis
I will look to go SHORT if the price is unable to break above the 1.34607 resistance levels.

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Forex Trading analysis written by Kelvin Lee for Forexpros.

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Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
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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.