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Daily Analysis – Nov. 3rd, 2014

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Daily Analysis – Nov. 3rd, 9:30am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.2500, 1.2540, 1.2600, 1.2630
Support:  1.2400, 1.2670, 1.2625, 1.2580
Bias: Price is sitting at a 6 month low point. Last time price was in this area was in May. If the price holds below 1.2500, it could lead to further break to the downside. However, we can expect this area to provide substantial support.

Pair: GBPUSD

Resistance:  1.6020, 1.6120, 1.6180, 1.6220, 1.6285
Support:  1.6053, 1.5
Bias: Short. There is room for further downside in GBP before it hits major support.

Fundamentals

High Impact News scheduled for today:

  1. ISM Manufacturing PMI – 10:00am

Indices and Commodities

DOW – up – 17,390.52
S&P500 – up – 2,018.05
Nasdaq – up – 4,630.74
Nekei – up – 16,413.76
FTSE100 – down – 6,512.26
DAX – down – 9,301.76

Gold – down – $1,169.50
Oil – down – $80.79

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