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07.11.201402:24 Forex Analysis & Reviews: Forecast and trading recommendations on EUR/USD for November 07, 2014

Long-term review

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The euro fell to 27-month lows after ECB's President Draghi hinted at stimulus. Stronger US data as well pushed the pair to new lows. The euro plunged to 1.2366 and closed near it. Today traders eye the US non-farm payrolls. A positive reading will hit the pair again towards my initial target of 1.2300 and 1.2230 levels. The pair has strong support between 1.2230 and 1.2215 levels. In case, if the prices close below these, it can extend its fall to 1.2115, 1.2045 and 1.1876 levels. We have been recommending the same levels for the last month. The pair has strong resistance at 1.2500, above this, 1.2630 and 1.2753 levels. Until the prices close below 1.2753, use every rise to sell. We are expecting the pair to continue its bear grip for the next 12-18 months.

As of now, today the pair opened above the previous close and managed to trade above that. The intraday support exists at 1.2365 levels. The pair has resistance at 1.2410 levels, above this, 1.2450 and 1.2460 are the strongest resistance levels. We recommend selling on every rise for targets at 1.2335, 1.2305 and 1.2230 levels. The panic will be triggered below 1.2360 levels.

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