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Daily Analysis – Nov. 20th, 2014

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Daily Analysis – Nov. 20th, 9:30am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.2576, 1.2600, 1.2640, 1.2685
Support:  1.2500, 1.2470, 1.2400, 1.2370
Bias: Neutral. It’s been a day of the GBP move with EUR holding steady. EUR is currently trading in the range. However, if it breaks through and holds above 1.2600, we’re looking for another leg up with potential move to 1.2650 area.

Pair: GBPUSD

Resistance:  1.5730, 1.5780, 1.5800, 1.5880, 1.5900
Support:  1.5700, 1.5600, 1.5570, 1.5500, 1.5400
Bias:  Long. GBP has been moving up consistently over the last few hours. If it holds above 1.5700 level, it could go higher to test 1.5733 and then 1.5780 levels, moving to 138% extension of the last move up. Expect reaction at this level.

Fundamentals

High Impact News scheduled for today:

  1. CPI m/m – 8:30am
  2. Core CPI m/m – 8:30am
  3. Unemployment Claims – 8:30am
  4. Philly Fed Manufacturing Index – 10:00am
  5. Existing Home Sales – 10:00am
  6. FOMC Member Mester Speaks – 1:30pm

Indices and Commodities

DOW – down – 17,685.73
S&P500 – down – 2,048.72
Nasdaq – down – 4,675.71
Nekei – up – 17,300.86
FTSE100 – down – 6,651.81
DAX – down – 9,406.72

Gold – down – $1,189.90
Oil – up – $74.64

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