Technical Analysis for Major Currencies EURO

Daily Forex Technicals | Written by Crown Forex | Nov 26 08 08:09 GMT |

The euro managed to continue the upside wave yesterday after it beached the resistance levels at 1.2720-40 which has been capable of restricting the pair's upside attempts; today the euro is trading above the 38.2% correction level at 1.2925 and for that the possibility to the upside is still seen yet the buying saturation might force the pair to consolidate or head to the downside before the upside move. The trading range is among the key resistance level at 1.3220 and the key support level at 1.2690. The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225. Support: 1.2945, 1.2925, 1.2885, 1.2830, 1.2800 Resistance: 1.2985, 1.3030, 1.3070, 1.3150, 1.3150 Recommendation: Buy euro above 1.2945 with targets interlude at 1.3030 and 1.3120, stop loss with hourly closing below 1.2825 GBP Sterling as expected continued to gain against the dollar as the pair formed an new upside wave as the channel over short term basis is starting to be seen which is affecting the pair positively adding to that the selling saturation over Stochastic indicators due to the decline since last night; we expect the pair to continue to the upside to attempt breaching 1.5535 which if the pair failed in breaching might set it to indulge in a strong downside wave in the coming days yet we continue to favor the upside for the pair as far as trading is above 1.5365. The trading range is among the key resistance level at 1.5740 and the key support level at 1.4985. The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095. Support: 1.5280, 1.2510, 1.5180, 1.5105, 1.5080 Resistance: 1.5365, 1.5475, 1.5535, 1.5595, 1.5670 Recommendation: Buy Sterling above 1.5280 with targets interlude at 1.5365 and 1.5475, stop loss with four-hour closing below 1.5180 JPY Breaching the resistance that was set a couple of days back was not enough to set the pair to trade above 97.40 and resumed to clearly to the downside yesterday to trade within the downside channel once again; high volatility will resume until the direction is cleared for the pair over the short term while the medium term trend is still intact to the downside as far as trading is below 104.60. The trading range for today is among the key resistance level at 97.40 and the key support level at 92.25. The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30. Support: 94.65, 94.10, 93.90, 93.35, 92.25 Resistance: 95.20, 95.40, 95.90, 96.20, 96.85 Recommendation: Stay Aside CHF The pair reached our set targets towards 61.8% correction for the trend shown above; today we will see final attempts to set below this level at 1.1835 towards the 76.4% correction at 1.1725 and failing to trade successfully below this level will take the pair to the upside towards 1.2010 levels again. The trading range is among the key resistance level at 1.2060 and the key support level at 1.1725. The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780. Support: 1.1870, 1.1840, 1.1790, 1.1775, 1.1765 Resistance: 1.1905, 1.1920, 1.1945, 1.1990, 1.2010 Recommendation: Buy the pair on dips towards 1.1835 with targets interlude at 1.1905 and 1.2010, stop loss below 1.1720 CAD The pair is now trading among the 38.2% and 50.0% correction at 1.2400 and 1.2225 and as shown above the support level at 1.2080 might be one of the most important levels over the short term that might stop the downside wave; the pair will attempt to decline towards the 1.2080 levels and might reach the 61.8% correction at 1.2050 yet still support levels today might hold up strong especially the 1.2080 which if breached will support the downside wave. The trading range is among the key resistance level at 1.2475 and the key support level at 1.2050. The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465. Support: 1.2225, 1.2150, 1.2115, 1.2080, 1.2050 Resistance: 1.2295, 1.2305, 1.2375, 1.2400, 1.2475 Recommendation: Sell the pair on climbs towards 1.2375 with targets at 1.2190, stop loss above 1.2455 Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.