EUR/USD Day Trading Analysis For Nov. 3
| November 3, 2009 | Posted by admin under Day Trading Ideas, Swing Trading Ideas |
The following is the daily analysis which covers the levels to watch for on November 3, 2009.
The EUR/USD did push off the 1.4680 support level and reached the upside target of 1.4840 yesterday. This put the EUR/USD at an inflection point.
From the current rate of 1.4780 if the pair pushes back above 1.4815 it indicates a test of 1.4840-1.4860, and beyond that 1.4900 and 1.4920 if needed.
A drop below 1.4755 indicates a test of minor support at 1.4730-1.4720. A breach of that level indicates a retest of the lows near 1.4680. Support beyond is at 1.4660 and 1.4620.
Cory Mitchell, CMT
Chief Market Strategist
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