Saturday, November 29, 2008

Forex Update

Looking at the retracement analysis on the EUR/USD from the 11/05 high to the 11/13 low, we see that the pair was unable to fully retrace the early November highs. Although the move north might not be complete for the pair ahead of year end, we will be watching the full retracement level (~1.3114) as short-term resistance. We will also be watching the converging moving averages to provide support as they move higher with the pair.

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