EURUSD Daily Forecast Nov 07 2014

EURO
EURO

Outlook in EURUSD  remains on the downside as long as resistance 1.2456 holds on a daily closing basis, support comes at the 1.2340 levels , a cut will open 1.2195 next , further downside will aim the 1.2030 levels.

On the upside , resistance comes at the 1.2456  levels , sustained trading – daily closing – above the 1.2456  levels will turn outlook neutral and bring limited gains below the 1.2630 levels before the next fall .

In all , as long as resistance 1.2456  holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2340/1.2190 levels , a clear break above the 1.2456  levels will bring limited recovery below 1.2630 levels before the next fall.

Support and resistance : 1.2030 , 1.2190 , 1.2340 , 1.2456 , 1.2485 ,1.2576 , 1.2630, 1.2770 , 1.2886

Note: The pair is very bearish and under heavy pressure on smaller time frames !!

Today , focus will be on German Industrial Production (MoM) (Sep) and German Trade Balance (Sep) at 07:00 GMT, later on the day , we have the high importance US Nonfarm Payrolls (Oct) and Unemployment Rate (Oct) at 13:30 GMT .

 

EURUSD Daily Forecast Nov 07 2014

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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