EUR/USD Daily Forecast – 27 November

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Thursday, Nov 26 2015

Euro was traded in a tighter range this in the course of the session yesterday, with area above 1.0630 level offering some amount of resistance and with support around 1.06 handle. It was a less volatile session with no major data releases both from Eurozone and USA and moreover with US banks being closed in observance of Thanksgiving holiday. We cannot expect any larger movements tomorrow as well.

Any type of resistive candles above 1.0630 level initially and 1.0650 level in extension would offer short-term selling opportunity, while supportive candles around 1.0580, in a case of a break below 1.06 handle, would be short-term buying signal. In long-term trends we believe that pair will head towards 1.05 handle as next major support based on a long-term charts and therefore we have no interest in buying this pair at the moment, especially with uptrend line, which we break below recently, seems to be the very top for this market given current conditions.

More in this category: « GBP/USD Daily Forecast – 27 November AUD/USD Daily Forecast – 30 November »

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