Daily Outlook for Thursday, 14. November 2013 Trend: sideways/up Intraday Resistances: 1.3500 + 1.3550 + 1.3570 + 1.3607 Intraday Supports: 1.3450 / 1.3440 + 1.3420 / 1.3400 + 1.3388 + 1.3300 Review : Absolutely nothing for weak nerves was the development of the EUR/USD yesterday. The pair took the day range complete, even delivered in the afternoon a buy signal with the surprising rise above the mark of $ 1.3450. Previously EUR/USD was drifted by statements of the ECB interest rate policy to force the loose down further, but defended the mentioned support at $ 1.3380. In the hourly chart, the upward trend has strengthened so that the daily chart achieved the 38.2 % Fibonacci retracement of $ 1.3500. Technical Outlook : For today, the following picture emerges : In the hourly chart you can construct an ascending triangle, which was activated with the price jump above $ 1.3450 and could allow rates to $ 1.3607 in the coming days. However EUR/USD drifts already down again. If the buy signal is negated with a slip below the support zone at $ 1.3450 to 1.3440 USD the course should range from $ 1.3420 to $ 1.3400 to retest an uptrend. Here the bulls have to catch the pair again. Latest below the intermediate low of $ 1.3388 in the hourly chart, the positive signals should completely be abolished. In the daily chart, the situation remains tense, the 38.2 % Fibonacci retracement was almost executed as a minimum recovery target. Looking at the hourly chart, the bullish scenario will be active as long as yesterdays daily low will hold.
Posted on: Thu, 14 Nov 2013 11:11:20 +0000
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