EUR/USD forex technical analysis round-up: Nov. 1

ForexNewsNow | Published on November 1, 2010 at 3:49 am

Eurusd analysisNEW YORK (Forex News Now) – As of around 7:45 A.M. GMT on Monday, the euro was trading right around 1.3966 against the U.S. dollar, its open rate for the day, in European early morning currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

FXstreet reported that the “EUR/USD initial upside momentum through the Asian session stalled when faced with 1.4000 psychological level, yet a recent push higher sent the price to find a new daily ceiling at 1.4010.”

The reatime forex news outlet cited “an economic report showing no signs of slowness in the Chinese manufacturing sector” as “the catalyst for a renewed risk appetite.”

Forexpros for its part predicted the pair “was likely to find support at 1.3734, Wednesday’s low, and resistance at 1.3997, today’s high.”

Forexcycle chart analysis indicated that “EURUSD may be forming a triangle pattern on 4-hour chart. Pullback is expected after touching the upper border of the pattern.”

Additional forex analysis on the site predicted that EUR/USD would find support at 1.3895, saying that “a breakdown below this level will indicate that a cycle top is being formed on 4-hour chart, then deeper decline towards the lower border could be seen.”

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