EURUSD Daily Forecast Nov 25 2016

EURUSD, Consolidates With Downside Bias...

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EURUSD, Consolidates With Downside Bias…

Intraday outlook in EURUSD has turned neutral with risk to the downside, resistance comes at the 1.0568 levels while support comes at the 1.530 levels…

On the upside, the EURUSD will have to break and hold above the 1.0568 levels on a 4-hour closing basis to push the market for further upside gains, If seen, the pair will face recovery threats to the 1.0635 levels, a halt is likely and a reversal may occur, however; above 1.0635 will extend recovery to the 1.0715 levels ahead of the 1.0755 levels…

Alternatively, a failure to hold above the 1.0678 levels on a 4-hour closing basis could mean a return to the 1.0630 levels where a cut would open the 1.0490 levels, further down, support stands at the 1.0.450 levels ahead of the 1.0415 levels…

Conclusion: The EURUSD continues to consolidate below the 1.0568 levels with risk to break lower….

Notes:

  • A clear break above the 1.0635 levels will activate the bullish divergence and pave the way to the 1.0715/1.0800 levels, below 1.0530 will increase the risk for 1.0400 levels…
  • On the daily time frame, the pair is very bearish below 1.0563 levels (broken support turned resistance) and further down could be seen in EURUSD towards the 1.0470/1.0400 levels, above 1.0563 will turn the focus on the 1.0648 levels before the next falling, further upside, resistance comes at the 1.0745 / 1.0815 levels…

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