Wednesday, November 16, 2011

Forex Daily Analysis - EUR/USD - 17 November 2011

The EURUSD is now nearing a short term downward sloping trend line (near 1.3415). This may provide interim support along with a former pivot at 13360.
 
Any sign of strength from here might encounter resistance from the trend line resistance (please be aware of the following levels as well: 13575, 13625 and 13670).
 
We might be seeing a topping process unfolding since November 2010 (head and shoulders). 
 
 
 
 
by David Frank, AVA FX
DISCLOSURE & DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER.