EUR/USD forex technical analysis round-up: Nov. 3

ForexNewsNow | Published on November 3, 2010 at 5:47 am

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Eurusd analysisNEW YORK (Forex News Now) – As of around 9:45 A.M. GMT on Wednesday, the euro had pared losses on Tuesday and climbed back up to trade at around 1.4037 against the U.S. dollar, in European morning currency market trading.

The euro was up 0.02% from its open on the day of 1.4035 and had reached a high of 1.4047 and a low of 1.3992 for the day so far.

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

FXstreet reported that “immediate resistance lies at the mentioned 1.4045/60 (session highs/Nov 2 high), and above here, 1.4080 (Oct 25 highs) and 1.4100 (Daily pivot point R1)” with support levels at “1.3990/00 (session low/Daily Pivot Point), and below here, 1.3945/50 (intra-dday level) and 1.3915/20 (Daily Pivot point S1/weekly pivot).”

Analysis available on Forexpros added that “EURUSD is heading upward as long as it remains above (1.3853) any four hours close above (1.4166) will open the way for the instrument to test the next resistance level at (1.4276). And, added that “any four hours bare close below (1.3853) will change instrument’s direction.”

The realtime forex news outlet Forexcycle predicted the following for EUR/USD in its daily forex analysis section: “Further rise towards 1.4152 previous high resistance is still possible later today, a break above this level will indicate that the uptrend from 1.2587 (Aug 24 low) has resumed, then another rise towards 1.4500 could be seen.”

The analysis cautioned that “as long as 1.4152 key resistance holds, lengthier consolidation in the trading range between 1.3698 and 1.4152 is expected, and one more fall to 1.3750-1.3800 area is still possible.”



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