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Meeting resistance zone at 1.3550

Meeting resistance zone at 1.3550 | 26 November 2013

26 November 2013, EUR/USD

EUR/USD is rebounding after pulling-back to 1.3500 temporarily. It has reached 1.3545 where it has once again touched the underside of the strong resistance zone around 1.3550. The short-term trend is not very clear, but resistance overhead continues to limit upside potential and this whole recovery move which has laboured higher after the strong down-waves at the beginning of November, is still not very convincing. I still see potential for down-side shocks taking the exchange rate lower, with a move below 1.3489 providing some confirmation and 1.3429 as an initial target. A strong recovery, on the other hand, could take prices up to the 1.3578 highs - a breach above them would be a strong bullish sign and see a possible move up to 1.3630.
Meeting resistance zone at 1.3550
Mark Satcher
Analyst of «FreshForex» company
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