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Sunday, November 18, 2012

DAILY FX TRADING TIPS | EURUSD WEEKLY UPDATE | DOWNTREND PREVAILS

EURUSD traded last week in a range of 1.2661 to 1.2802. This week immediate resistance is at 1.2760. And the pair is in downtrend where downswing pivot is 1.2802 and the support is at 1.2661.

One may sell the pair near 1.2760 with a stop loss of 1.2810 and a target of 1.2660 and if it penetrates 1.2660 then extended weekly targets on downside are 1.2608 and 1.2470.

NUTSHELL: PAIR IS IN DOWNTREND

eurusd chart showing weekly downtrending channel
EURUSD falling channel | Support is at 1.2608and 1.2470


Key Levels:
1.2661 support 1
1.2608 support 2
1.2470 support 3
1.2760 resistance 1
1.2802 resistance 2 (also downswing pivot)
1.2875 resistance 3

If the pair breaks above 1.2802 and closes above it on 1H time frame than next stop is 1.2890 which is very tough resistance.

Remember these are weekly levels.
For daily levels I will post during the trading hours so check back later.
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