Forex Daily Analysis – 9th Nov

EURUSD fell for a second day with concerns hovering over some European governments with their ability to pay back debt. In my opinion this is just a correction in the long term rally, and EURUSD and GBPUSD are likely to rise in coming months. So far there are no signs of downtrend to continue much longer.

4 hour EURUSD closed below trendline yesterday and kept moving lower as we discussed in yesterday’s analysis. Right now it is looking to head lower towards Support at 1.3800. It is likely to head upward from this level. In an even where it breaks and close below 1.3750 then it can open room for further down move.

G20 summit is the key news items this week. While countries are talking about ending currency wars, rift between China and US is increasing. US has blamed China for keeping Yuan low to gain competitiveĀ  advantage. On the other handĀ  FOMC decision to implement QE2.0 in turn will devalue Dollar, which won’t go down well when US tries to convince other economies to stop manipulating their currencies. It will be interesting to see how it plays out later in the week.

By the way keep an eye out for update later today regarding our services.

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3 Responses to “Forex Daily Analysis – 9th Nov”

  1. Anton 9 November 2010 at 5:49 pm #

    Looking forward to your announcement :)

    Regards

  2. @ptaczek 9 November 2010 at 6:19 pm #

    There's still the Irish budget that has to be passed and then it's still a question whether the intended cut of the debt-to-gdp ratio from about 11% to about 9% is realistic. Then there are the widening spreads between German bunds and Ireland, Greece and Spain govt bonds which weight on the euro despite the Fed's last move in implementing the QE2. Given that, it would be very difficult for the euro to regain say 1.41-1.42 in the near-term. For me, the 1.3750 is still viable short-term target with 1.3650-3700 area to be preliminary target for all my euro shorts IF there's no change in fundamentals.

  3. Automatic 18 January 2011 at 1:00 am #

    Daily forex chart analysis isn’t only for the traders who have a limited amount of time to look at their charts.

    Savvy day traders can make some really good use out of analyzing larger timeframes in order to get a better handle on the possible price action for the current day’s trading action. Thanks


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