EURUSD Intraday Forecast Nov 21 2014


Intraday outlook in EURUSD is neutral with risk to the downside at the moment , resistance at the 1.2600 levels while support at the 1.2503 levels . On the downside , losing the 1.2503 levels on a 4 hour closing basis will turn outlook towards the 1.2442 levels , a halt is likely , but a cut will open 1.2397 next , further downside will aim the 1.2357 levels .

On the upside , resistance comes at the 1.2600 levels , a break will extend gains towards the 1.2630 levels . At this point I’d expect strong resistance from 1.2630 levels to contain rise from 1.2357 levels and bring fall resumption , however ; a clear break above the 1.2630 levels will extend rise from 1.2357 levels towards the 1.2725/1.2770 levels before the next possible fall !!!

In all , as long as resistance 1.2600/1.2630 holds on a 4 hour closing basis , Intraday outlook in EURUSD remains neutral with risk to the downside towards the 1.2503 levels ahead of the 1.2442 levels . A clear break above the 1.2630 levels will turn outlook bullish towards the 1.2725/1.2770 levels.

Note that a consolidation above the 1.2575 levels will build strong pressure on the 1.2630 levels, while a consolidation below 1.2575 levels could mean a return to the 1.2503 levels..


EURUSD Intraday Forecast Nov 21 2014




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