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Forexpros Daily Analysis - 15/11/2010

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Nov 15, 2010.

  1. forexpros2

    forexpros2 Member

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    ForexPros Daily Analysis November 15, 2010


    Free webinar on ForexPros - Trading Forex and Commodities in an Innovative Way!

    Expert: Luca Discacciati

    Start: Wed, Nov 17, 2010, 10:00 EST
    End: Wed, Nov 17, 2010, 11:00 EST

    In this webinar Luca will explain how to trade forex and commodities (gold, silver, brent) in an innovative way using some indicators of 'technical analysis'.

    This webinar is very practical oriented, the goal is to enable the webinar users, to start work immediately in the markets.

    On this occasion, will be given special attention to risk control, the only tool necessary to dominate the leverage.


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    1) Forex Trading Signal For EURUSD

    Forex Trend Analysis

    The overall trend for EURUSD this week is DOWN.

    Forex Technical Analysis

    4 Hour Chart
    The EURUSD has break below the 200 EMA and has moved back up to retest the new resistance form by the 200 EMA. It looks like it has successfully retested that level and the price is looking to move down.

    Hourly Chart
    The price did not manage to form a higher high and therefore it seems that the down move will continue.

    Overall Forex Analysis
    I will go SHORT for this pair but I will take profit before the 1.34657 level which is s a strong support level.

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    2) Forex Trading Signal For GBPJPY

    Forex Trend Analysis

    As a whole, the trend for this pair is DOWN but you have to be careful about the breakout that takes place on the daily chart.

    Forex Technical Analysis

    Daily Chart
    The price has indeed break above the trend channel on this time frame. It has came back to retest the new support level and is looking to move up again.

    4 Hour Chart
    However it is not time yet to enter any trade for this pair because the price has hit the resistance trend channel on the 4 hour chart.

    Overall Forex Analysis
    I will wait for GBPJPY to retrace after hitting the trend channel and then enter a BUY trade once it hit the lower trend channel.

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    Forex Trading analysis written by Kelvin Lee for Forexpros.

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    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.
     
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