EURUSD Intraday Forecast Nov 26 2014

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Intraday outlook in EURUSD remains neutral with risk for both directions , support comes at the 1.2443 levels while resistance comes at the 1.2503 levels .

On the upside , to resume rise from the 1.2360 levels , 1.2503 should be taken out on a 4 hour closing basis , If seen , focus will be on the 1.2600/1.2630 levels where fall resumption is suggested , however , a clear break above the 1.2630 levels will turn outlook bullish towards the 1.2725/1.2770 levels.

On the downside , a failure to take out the 1.2503 levels could mean a return to the 1.2443 levels (main support) , a clear break below this level on a 4 hour closing basis will suggest short term topping , If seen , focus will be on the 1.2400 levels , we might see hesitation but a cut is likely , next support comes at the 1.2360 levels , further losses will have large bearish implication towards the 1.2300 levels ahead of the 1.2220 levels..

In all , the EURUSD is likely to consolidate within 1.2443/1.2503 levels before the next move , above 1.2503 will open 1.2600/1.2630 next , while below 1.2443 will reverse risk towards 1.2400/1.2360 levels and possible lower….

Note : In the short / medium term forecast , the pair is rebounding , but as long as resistance 1.2600/1.2630 holds , the pair remains vulnerable to the downside towards 1.2200/1.2040 levels, but in return , a clear break above the 1.2600/1.2630 levels will confirm double bottom pattern around 1.2360 levels and pave the way towards 1.2886/1.2994 levels  …

 

EURUSD Intraday Forecast Nov 26 2014

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