Forex Trade Setups Commentary: EURUSD Fakey Setup, 28th November 2012

EURUSD – Euro/dollar fakey setup forms at near-term resistance
The EURUSD tried to extend its recent run higher today but ran into resistance just above 1.3000 and made a false-break of that resistance as it pared gains later in the day to close lower. We can see that price also formed a fakey trading strategy as price first made a false-break to the upside of yesterday’s inside bar pattern before moving lower into the New York close and triggering an entry on the fakey setup when price broke back below the low of yesterday’s inside bar. We could see more losses in this market this week as long as price stays below 1.3000 on a closing basis. The next support is seen down near 1.2825. If price drifts higher and closes back above 1.3000 it would invalidate this bearish fakey and open the door for higher prices.

credit : Forex Trading Commentary by Nial Fuller 

EUR/USD Forecast November 28, 2012,By FX Empire Analyst - Christopher Lewis

The EUR/USD pair fell below the bottom of the hammer from the previous day on Tuesday, and this of course is a massively bearish signal. The fact that we are closing below the lows on Monday suggests that we will be going lower.

It should also be noted that the top of the Monday and Tuesday candle was at roughly the 1.3000 level, and this suggests that there is a taunt of resistance at this area. With this in mind, we would be more than interested in selling the breaking of the Tuesday lows as it should signal a return to the 1.27 level before it’s all said and done.

Credit : FX Empire Analyst - Christopher Lewis

EURUSD Forecast 28/11/2012 Daily

EURUSD 28/11/2012 H1

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