EUR/USD: Today Is Positive
Jason Sen | Nov 29, 2013 01:47AM ET
EURUSD is now testing resistance at 1.3625/30 and is just sitting above the upward sloping trend line at 1.3590 today. This is the last hurdle and a close above 1.3630 today is positive for next week. We can then target 1.3649, 1.3685/90 and 1.3715/20. We should eventually retest October highs at 1.3830.
Below 1.3605 is less positive and risks a slide to 1.3580/70. This could hold the downside but longs need stops below 1.3550.
Weekly outlook: 1.3625/30 should determine direction in to the end of the week. Failure to break and close above can target 1.3425/15 next week. However above 1.3625/30 can take us to 1.3715/20 and may be as far as October highs at 1.3830.
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