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Daily Analysis – Nov. 16th, 2014

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Daily Analysis – Nov. 16th, 9:30am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.2470, 1.2500, 1.2550, 1.2600
Support:  1.2400, 1.2370, 1.2300, 1.2260
Bias: Down. After the move up, price tested the highs from Nov. 4th which was a previous reversal point. Price came down through the 1.2500 level, re-tested the backside of this level at 1.2506 and has since come back into the range again. Expect the price to move towards the bottom of the range towards 1.2400.

Pair: GBPUSD

Resistance:  1.5670, 1.5700, 1.5800, 1.5880, 1.5900
Support:  1.5600, 1.5570, 1.5500, 1.5400
Bias:  Short. Like the EUR, GBP has reversed Friday’s move up. Now looking for price to move to the bottom of the range at 1.5600.

Fundamentals

High Impact News scheduled for today:

  1. ECB President Draghi Speaks – 10:00am

Indices and Commodities

DOW – down – 17,622.00
S&P500 – up – 2,039.82
Nasdaq – up – 4,688.54
Nekei – up – 16,973.80
FTSE100 – down – 6,643.56
DAX – down – 9,235.47

Gold – down – $1,183.80
Oil – down – $75.01

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