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honeill (honeill)
Nov 26 2014 at 09:35
1141 posts
Most US data came in better than expected, with 3rd quarter GDP revised up to 3.9% on a 3.3% expectation.
Consumer spending was also better than expected, but consumer confidence came in weaker than expected which markets fear could bode poorly for the important holiday shopping season.
EURUSD has steadily climbed before and after the news, but with the long-term trend bearish and the GDP data better than expected we continue looking to get short on a rally to the underside of the former bearish channel (around 1.25).

"I trade to make money not to be right."
victoriajensen
Nov 26 2014 at 14:19
1117 posts
As I thought yesterday a more long-term correction really seems to have started for EUR/USD. Its current target still appears to be around 1.2580, though the trend remains bearish and it will likely continue its descent once the correction is over.

bewayopa
Nov 26 2014 at 16:53
372 posts
EUR / USD was taken by bears after finding resistance at 1.2440, but found the bulls close of 1.2400.
The RSI moved above its line 50, while the MACD, although within your negative territory, is above its signal line.
The recovery may continue, however, in daily chart remains the downward path.
R3 - 1.25900
R2 - 1.25382
R1 - 1.25051
Daily Std. Pivot - 1.24533
S1 - 1.24202
S2 - 1.23684
S3 - 1.23353

Abdul2012
Nov 26 2014 at 17:15
413 posts
bewayopa posted:
EUR / USD was taken by bears after finding resistance at 1.2440, but found the bulls close of 1.2400.
The RSI moved above its line 50, while the MACD, although within your negative territory, is above its signal line.
The recovery may continue, however, in daily chart remains the downward path.
R3 - 1.25900
R2 - 1.25382
R1 - 1.25051
Daily Std. Pivot - 1.24533
S1 - 1.24202
S2 - 1.23684
S3 - 1.23353


Interesting analysis for today, thank you.

takechance (takechance)
Nov 26 2014 at 20:44
271 posts
takechance posted:
Going long on this pair for today seems to be prudent.


It worked. Booked profit and now its time to be cautious.

takechance (takechance)
Nov 26 2014 at 20:46
271 posts
takechance posted:
Today will be a confusing day for both the bulls and the bears.

Yesterday's pullback has disappointed the bears a bit and the market right now is exactly at the 38.2% retracement level of the whole bull rally started from 7.11 till 19.11. It can go anywhere from this point, either quickly back to 1.2357 or to the 61.8% level at 1.2506 for a test.

I am getting a confusing signal favoring both directions hence think it is prudent to sit quite for today and watch.


As I mentioned earlier the 1.2506 is vital and the market is sitting right on that price so a reversal from this important 61.8% level is very much possible specially after 3 days of bull run.

High chance the market will reverse today from this point and go back to 1.2357. Lets see.

csc2009
Nov 26 2014 at 23:20
834 posts
takechance posted:
takechance posted:
Today will be a confusing day for both the bulls and the bears.

Yesterday's pullback has disappointed the bears a bit and the market right now is exactly at the 38.2% retracement level of the whole bull rally started from 7.11 till 19.11. It can go anywhere from this point, either quickly back to 1.2357 or to the 61.8% level at 1.2506 for a test.

I am getting a confusing signal favoring both directions hence think it is prudent to sit quite for today and watch.


As I mentioned earlier the 1.2506 is vital and the market is sitting right on that price so a reversal from this important 61.8% level is very much possible specially after 3 days of bull run.

High chance the market will reverse today from this point and go back to 1.2357. Lets see.


Let's see this correction would continue or we are looking at the downside again.

peeterwoolf
Nov 27 2014 at 01:11
230 posts
Probably German regional and national CPI number today will tell us more.

honeill (honeill)
Nov 27 2014 at 09:06
1141 posts
EURUSD initially fell during the course of yesterday session, but found enough support to turn things back around and breaking back above the 1.25 handle. With today being Thanksgiving, it’s likely that the liquidity will absolutely disappear during the US session, this pair will ultimately make most of its moves during the European session.

"I trade to make money not to be right."
victoriajensen
Nov 27 2014 at 12:39
1117 posts
Indeed, today's holiday means that we will likely see very little volatility on the market. To everyone celebrating: Happy Thanksgiving!

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