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Forex Analysis
by ForexNewsNow Team on November 22nd, 2010

EUR/USD forex technical analysis round-up: Nov. 22

NEW YORK (Forex News Now) – As of around 10:00 A.M. GMT on Monday, the euro was rising against the U.S. dollar, as it approached a 10-day high in European morning currency market trading.eur usd forex currency trading

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

FXstreet quotes Mizuho Corporate Bank as saying that prices were bouncing back from the first 50% Fibonacci retracement support, rising back over the top of the large, horizontal weekly Ichimoku ‘cloud’.

“The euro is trying to form an interim low. We are now likely to see another week or two of further consolidation,” the realtime forex news site adds.

Forexcyle, for its part, said that EUR/USD had broken above the price channel on 4-hour chart to reach as high as 1.3766, leading to predictions that a cycle bottom had been formed at 1.3448 on 4-hour chart.

According to the site’s intraday analysis, “Further rally is expected in a couple of days and target would be 1.3900-1.4000 area.”

Meanwhile, in a report aimed at technical analysis trading, Precise Trader notes that the Hourly Trend has been sideways up while 1.3640 holds and the Daily Trend is Turning down while 1.4.110 holds.

The analyst adds, “The Opening Price Principles suggests that EUR is strong against Four Crosses so the Bears may have to be sidelined until 1.3665-40 is regained.”

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