Forex Analysis
by ForexNewsNow Team on November 29, 2010

EUR/USD forex technical analysis round-up: Nov. 29

European Union flagNEW YORK (Forex News Now) – EUR/USD was trading at 1.3262 as of around 7:30 A.M., GMT on Monday, after opening at 1.3289.

The euro reached a session high of 1.3291 and fell to as low as 1.3182, setting a new 2-month low for the currency pair.

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

FXstreet quotes says relief over the Irish bailout may not be enough to change the common currency bearish trend.

“Slightly bearish as indicators hold below their midlines, loss of 1.3250 immediate support and mentioned MA, should support further downside pressure for the upcoming session,” the realtime forex news site adds.

Forexcycle notes that EUR/USD remains in bearish movement from 1.3785 and that the fall extends to as low as 1.3182.

The site adds in its intraday analysis, “Further decline is still in favor and next target would be at 1.3000 area. Resistance is at 1.3400, as long as this level holds, downtrend could be expected to continue.”

Meanwhile, Precise Trader notes in its technical analysis that the hourly trend is turning up while 1.3085 holds and the daily trend is limited down while 1.3635 holds.

“Expect the price to turn up soon, so the bears may stay sidelined and the bulls get ready to pull the trigger,” it says.

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