EUR/USD forex technical analysis round-up: Nov. 2

ForexNewsNow | Published on November 2, 2010 at 4:36 am

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EUR USD analysis - a pile of eurosNEW YORK (Forex News Now) – As of around 8:35 A.M. GMT on Tuesday, the euro had retreated from its 1.4010 high on Monday to trade at around 1.3956 against the U.S. dollar, in European early morning currency market trading.

The euro was up 0.42% from its open on the day of 1.3898 and had reached a high of 1.3963 and a low of 1.3882 for the day so far.

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

FXstreet reported that the EUR/USD had found “resistance at 1.3945/50 (session high/Oct 28/29 high) and above here, 1.3985 (Daily pivot point R1) and 1.4010 (Nov 1 high)” with “immediate support at 1.3915 (200-hour SMA), and below here, 1.3880 (session low) and 1.3860 (Nov 1 low).”

Forexcycle observed that “EURUSD pulled back from the upper border of the triangle pattern on 4-hour chart, suggesting that a cycle top has been formed at 1.4011 level” and predicted that “as long as 1.3698 key support holds, the price action from 1.4152 is treated as consolidation of uptrend from 1.2587 (Aug 24 low) and another rise towards 1.4500 would more likely be seen after consolidation.”

For its part, the realtime forex news outlet Forexpros offered analysis predicting that “any four hours close above (1.4021) will open the way for a little push upward to test the resistance level at (1.4075), and a four hours close below (1.3796) will let the instrument test the next support level at (1.3733).”

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