EURUSD Daily Forecast: November 08

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By swibowo | November 8, 2012 7:21 PM EST

Fx Instructor

EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.2875 but whipsawed to the downside and slipped below 1.2750 key support. Price is in a critical phase now. We already have two technical movements suggest a potential major bearish reversal scenario: Price broke below the bullish channel and moving below the daily EMA 200. However, I think we still need a clear break and daily/weekly close below 1.2750 to confirm the major bearish reversal scenario (note= range area between 1.2750 – 1.3170). Hourly chart still suggests a bearish condition but need a consistent movement below 1.2750/35 to continue the bearish pressure testing 1.2650/25. Immediate resistance is seen around 1.2780. A clear break above that area could lead price to neutral zone in nearest term testing 1.2825/50 area.

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