EUR/USD Signal- Nov. 28, 2013

|

By: DailyForex.com

Yesterday's signal was given as follows:

Risk 0.50%
Enter short at 1.3650 if this price is reached between 08:00 and 14:00 London time today.
Stop loss at 1.3714.
Move stop loss to break even and take profit on half of the position at 1.3505.

The entry price was not reached, so no trade was triggered.

EUR/USD Analysis

This pair is likely to be quiet today and no signal is given.

Technically, we are close to a zone around 1.3650 that has acted as both support and resistance during October. We are really in no-man's land, stuck between two significant trend lines as shown in the chart below:

EURUSD Signal 112813

We are very close to the 50% Fibonacci level from the October-November downwards move at 1.3563 which has been acting as support overnight.
A failure at the upper trend line especially if it is also a failed test of 1.3650 could be a good shorting opportunity.
There is strong support at 1.3488 below.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.