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Daily Analysis – Nov. 17th, 2014

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Daily Analysis – Nov. 17th, 9:30am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.2550, 1.2600
Support:  1.2500, 1.2470, 1.2400, 1.2370
Bias: Neutral. There was a stop run to the 1.2540 level. This could be a potential reversal point at the backside of 23.6% retracement level of the last move up. The test will be if EU can hold below 1.2500. If not, we could see move back up to potentially 1.2575 or 1.2620 area that coincides with 127% extension of the last move.

Pair: GBPUSD

Resistance:  1.5670, 1.5700, 1.5800, 1.5880, 1.5900
Support:  1.5600, 1.5570, 1.5500, 1.5400
Bias:  Short. GBP has had trouble breaking out of the tight range and could move down to the bottom of the range at 1.5600 or 1.5565 area.

Fundamentals

High Impact News scheduled for today:

  1. PPI m/m – 8:30am
  2. NAHB Housing Market Index – 10:00am
  3. MPC Member Forbes Speaks (GBP) – 1:30pm
  4. FOMC Member Kocherlakota Speaks – 1:30pm

Indices and Commodities

DOW – up – 17,344.06
S&P500 – up – 2,041.32
Nasdaq – down – 4,671.00
Nekei – up – 16,973.80
FTSE100 – up – 6,699.92.56
DAX – up – 9,427.14

Gold – up – $1,195.80
Oil – down – $75.04

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