Euro Recovers Ahead of Quiet Sessions

Article originally published on innerfx.com and republished here with permission

The quantity of civilization is measured by the quality of imagination. ~ Victor Hugo

Good morning. Next trading sessions are likely to be quiet due to Thanksgiving holiday – or, who knows? perhaps the euro finally has a chance to recover some ground on today’s data coming from Germany: GDP and Ifo Index

EURUSD

First intraday resistance stands around 1.3450, formed by both recent bottom and the median retracement value of last down leg, followed by 1.3500 just a bit higher. I remain bearish on EURUSD but can’t say at this moment whether it would be a good idea to sell on a rally today or tomorrow, as the market should be rather quiet. Or low volume trade is going to cause some huge spikes? Well, we all like to expect the unexpected

Euro Vs US Dollar Chart Hourly 11-24-2011Euro Vs US Dollar Chart Hourly 11-24-2011

GBPUSD

62% fib support highlighted yesterday was, indeed, weak – so cable is currently trading lower, bouncing off support at 1.5500. Keep an eye on the 1.5600/50 intraday resistance zone as the pair gains some ground

British Pound Vs US Dollar Chart Daily 11-24-2011British Pound Vs US Dollar Chart Daily 11-24-2011

GBPCHF

Support around 1.4250 is still intact but best thing to do, in my opinion, is still to look for selling opportunities on the potential break lower. Cautious though, as any new comments coming from SNB would push it to 1.45 faster than you can spell “stop loss”

British Pound Vs Swiss Franc Chart 4hrs 11-24-2011British Pound Vs Swiss Franc Chart 4hrs 11-24-2011

USDCAD

Not much to add here. It keeps climbing towards 1.0500 as expected and so far there’s no reason to sell it.

US Dollar Vs Canadian Dollar Chart Daily 11-24-2011US Dollar Vs Canadian Dollar Chart Daily 11-24-2011

Silver

As seen below – Silver is consolidating below former support which is currently providing resistance at 33. It looks quite fragile, so it’s a good idea to keep an eye on support around 31 as it seems there’s more downside for Silver

Silver Chart daily 11-24-2011Silver Chart daily 11-24-2011

 

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About abwehra group

The Art&Science of Trading Gold
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