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Forex Analysis
by ForexNewsNow Team on November 4th, 2010

EUR/USD forex technical analysis round-up: Nov. 4

Eurusd analysisNEW YORK (Forex News Now) – On Thursday, the euro opened the Asian trading session to hit a new 9-month high of 1.4263 against the U.S. dollar in currency market trading.

As of around 9:45 A.M. GMT, the euro was trading at 1.4259, up 0.89% from its open of 1.4134.

The euro’s surge was supported by a strong opening on European equity markets by investors with an invigorated risk appetite in wake of the Federal Reserve‘s “Quantitative Easing 2” announcement on Wednesday.

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

FXstreet reported that the EUR/USD pair is “testing resistance at 1.4210 (daily pivot point R1). Above here, next resistance levels lie at 1.4300 (daily pivot point R2) and 1.4415 (Jan 19 high).” The realtime forex news oultet added that “support levels lie at 1.4100 (session low), and below here, 1.4060 (previous highs) and 1.3990/00 (Nov 3 lows).”

Forexcycle’s analysis indicated that the euro could still rise further today vis-a-vis the U.S. dollar and, in that case, the next resistance target area would be 1.4300 with support at 1.3990.

Forex analysis available on Forexpros predicated that “any four hours close above (1.4287) will open the way for the instrument to test the next resistance level at (1.4394)” adding that “any four hours bare close below (1.3981) will change instrument’s direction.”

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