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Daily Analysis – Nov. 6th, 2014

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Daily Analysis – Nov. 6th, 9:30am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.2470, 1.2500, 1.2540, 1.2600
Support:  1.2200, 1.2300
Bias: Neutral.  Price consolidated and retraced prior to ECB press conference held this morning. The talks to further easing measures led the price to breakdown and head straight to the 1.2400 level that we were looking at. The price is likely to pull back and get back into the range today.

Pair: GBPUSD

Resistance:  1.6000, 1.6120, 1.6180, 1.6220, 1.6285
Support:  1.5900, 1.5870, 1.5800
Bias:  Neutral.  Price consolidated in a range prior to the breakdown this morning.  Price may pullback and consolidate before moving further down towards 1.5870 support level, recovering the full move down from the London session yesterday.

Fundamentals

High Impact News scheduled for today:

  1. ECB Press conference – 8:30am
  2. Unemployment claims – 8:30am
  3. FOMC Member Powell Speaks – 1:30pm

Indices and Commodities

DOW – up – 17,502.68
S&P500 – up – 2,023.57
Nasdaq – down – 4,620.72
Nekei – down – 16,792.48
FTSE100 – up – 6,554.88
DAX – up – 9,407.90

Gold – down – $1,142.70
Oil – down – $77.56

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