Daily Analysis – 29/11/2010

ForexPros Daily Analysis November 29, 2010

Forex Trend Analysis

The EURUSD is bearish for this week and will look to move down.

Forex Technical Analysis

Daily Chart
The EURUSD has moved down quite alot for the last week and has now hit the Fibonacci 0.382 support level. At the same time, this level is in confluence with a major support level.

4 Hourly Chart
On this time frame, the EURUSD has reached the 1.272 Fibonacci extension level after retracing to 0.618 Fibonacci level.

Overall Forex Analysis
There may be some upward movement due to the confluence of support of 0.382 on the daily chart and 1.272 on the 4 hourly chart.

Forex Trading analysis written by Kelvin Lee for Forexpros.

New on Forexpros the Forex Brokers Directory!

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.