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EUR/USD Forecast: Look For A Correction to 1.355-60

ByIan Copsey
Published 11/29/2013, 12:13 AM
Updated 07/09/2023, 06:31 AM

EUR/USD

BIAS: Look for 1.3645 to cap for a correction to 1.3550-60 before higher again.

Resistance: 1.3627 1.3645 1.3666 1.3684

Support: 1.3572-87 1.3558 1.3520-25 1.3490-00

MAIN ANALYSIS: While the 1.3602 target was broken it stalled at the next projection target at 1.3612 (that I hadn't expected), but did then reach back to the 1.3549-55 area as expected. From that corrective low at 1.3558 we have seen a rally back above 1.3612 to 1.3618. We should now see the 1.3572-78 area support for gains to reach 1.3626, but feel that the 1.3645 target may well be more likely. This should cap and provoke yet another correction to the 1.3550-60 area.

COUNTER ANALYSIS: A break below 1.3540 and 1.3520-25 would break the current bullish sequence and risk losses back through 1.3490-00 and 1.3460-65 to the 1.3444 support.

A break above 1.3650 would imply a test of 1.3684. Take care there.

MEDIUM TERM ANALYSIS:
29th November: The rally has developed well and we should continue to see the broad 1.3540-60 area support (after seeing 1.3645) for gains to the next higher target at 1.3684.

Only below 1.3450 would risk losses to 1.3520-25 and later down through 1.3490-00 and 1.3460-65 to the 1.3444 support. This could also eventually lead to a retest of 1.3399.

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