EURUSD – Daily Forecast 19 Nov 2013

EURO-Dollar-min

Recommendations: LONG positions above 1.3473 with  1.3650 &  1.3740 as next target.
Alternative scenario:The downside breakout of 1.3473 will call for a slide to 1.3300/200.
Description:Although the pair is in overbought condition , but It printed a new support at the 1.3473 levels, stability above this level will build pressure on the 1.3541 levels, a clear break above 1.3541 will open 1.3650 ahead of 1.3740 levels, further out will aim the 1.3832 levels.On the downside , support comes at the 1.3473 levels, losing this level on a daily closing basis will have large bearish implication towards 1.3300 levels ahead of 1.3200 levels.Overall; as long as 1.3473 holds on a daily basis, the pair will remain biased to the upside with risk towards 1.3650 ahead of 1.3740 levels.

 

 

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