EURUSD Mid-Day Forecast Nov 28 2014

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Intraday outlook in EURUSD remains on the downside as long as resistance 1.2489 holds on a 4-hour closing basis, support comes at the 1.2444 levels, stability below this level is needed to confirm topping at the 1.2530 levels. If seen focus will be on the 1.2400/1.2360 levels, a halt could be seen but a cut will open 1.2300 next, further losses will aim the 1.2200 levels.

On the upside, a failure to hold below the 1.2444 levels could mean a return to the 1.2489 levels, a halt is likely, but a clear break would target 1.2530 next, further upside will aim the 1.2600 levels …..

In all, as long as resistance 1.2489 holds on a 4-hour closing basis, the outlook in EURUSD remains on the downside towards the 1.2444 levels ahead of the 1.2400/1.2360 levels, a clear break above the 1.2489 will reverse risk towards the 1.2530/1.2600 levels.

Notes:

  • The pair failed to close below 1.2444 levels yesterday, as a result, 1.2444 pushed the pair higher today, a daily closing below 1.2444 is likely to bring a lower leg below 1.2360 levels…
  • On the 1 hour chart, the pair has formed an inside bar pattern, so as long as 1.2489 holds on an hourly closing basis, the pair will remain under pressure, an hourly close above the 1.2489 levels is an early sign for bullish reversal !!!!

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