13.11.201402:46 Forex Analysis & Reviews: Technical Analysis on EUR/USD for November 13, 2014

Long-term review

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The euro zone's economic data pushed the pair to previous lows. In September compared to August, seasonally adjusted industrial production rose by 0.6% which is lower than the forecast of 1.0%. The US dollar stood high again after the soft Euro data. The pair took the support at Monday's low 1.2419. The pair is looking for a clear direction, but there is no momentum on this pair. The intraweek trading range is framed between 1.2350 and 1.2510 levels. Either side breakout will create some more room for trading. As we recommended earlier, sell on every upswing for downside initial targets at 1.2300 and 1.2230. On the downside, the pair has support at 1.2350, below this 1.2226 is the major support level. Today, traders are keeping an eye on US unemployment claims. Ahead of the key data, the pair is trading in a small tight range between 1.2420 and 1.2450. In case if the price breaches 1.2450, it can fly up to 1.2500. Use this rise as a selling opportunity. In case if the price falls below 1.2420, it can extend its fall to 1.2395, below this to 1.2350. Below 1.2350 the panic will be triggered.

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