Daily Analysis – 15/11/2010

ForexPros Daily Analysis November 15, 2010

1) Forex Trading Signal For EURUSD

Forex Trend Analysis

The overall trend for EURUSD this week is DOWN.

Forex Technical Analysis

4 Hour Chart
The EURUSD has break below the 200 EMA and has moved back up to retest the new resistance form by the 200 EMA. It looks like it has successfully retested that level and the price is looking to move down.

Hourly Chart
The price did not manage to form a higher high and therefore it seems that the down move will continue.

Overall Forex Analysis
I will go SHORT for this pair but I will take profit before the 1.34657 level which is s a strong support level.

2) Forex Trading Signal For GBPJPY

Forex Trend Analysis

As a whole, the trend for this pair is DOWN but you have to be careful about the breakout that takes place on the daily chart.

Forex Technical Analysis

Daily Chart
The price has indeed break above the trend channel on this time frame. It has came back to retest the new support level and is looking to move up again.

4 Hour Chart
However it is not time yet to enter any trade for this pair because the price has hit the resistance trend channel on the 4 hour chart.

Overall Forex Analysis
I will wait for GBPJPY to retrace after hitting the trend channel and then enter a BUY trade once it hit the lower trend channel.

Forex Trading analysis written by Kelvin Lee for Forexpros.

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