Bear trend in play | 11 November 2013
11 November 2013, EUR/USD
The EUR/USD pair is in a new down-trend which will probably extend lower. The current bearish count on the 5-pip chart is 1.3265, but there is also a longer-term target at 1.3070. A break below 1.3315 or the 1.3295 lows would provide bearish confirmation of a continuation lower. Any further upside is currently capped by an old trend-line, but if there is a break higher then it will probably only reach as high as 1.3400 where there is a cluster of particularly strong resistance levels which are likely to prevent it from rising any higher.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
