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Forex Analysis
by ForexNewsNow Team on November 30th, 2010

EUR/USD forex technical analysis round-up: Nov. 30

NEW YORK (Forex News Now) – The euro was falling against the greenback today, trading at 1.3124 as of around 8:00 A.M., GMT on Tuesday.

EUR/USD is down from its open of 1.3126 and has reached a session high of 1.3150 with a low of 1.3077 so far.

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

Investija.com notes that bears are controlling the situation as EUR/USD consolidation is extended below the support barrier.

“At current situation, look for more short term downswing actions while candles remain active below support barrier. A sharp drop below 1.3100 price level can initiate stronger bearish movements downside,” the site continues in its intraday analysis.

Realtime forex news site Forexcycle writes that downtrend is expected to continue in the next couple of days with the next target in the 1.2900 area.

“Resistance is at 1.3250, only break above this level could indicate that consolidation of downtrend is underway, then bounce toward the downtrend line from 1.4281 to 1.3785 could be seen,” it adds.

Precise Trader writes that the hourly oscillators are showing bullish divergence and the price is below the MA.

“Hourly trend is turning up while 1.2990 holds and daily trend is limited down while 1.3485 holds, so expect the price to turn up soon, so the bears may stay sidelined and the bulls get ready to pull the trigger,” it adds.

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