17/11/14 EUR/USD ends the week bullish as 1.2500 is broken.


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Positive GDP data on Friday saw the Euro proceed to test 1.246-1.24 for supports and resistances, before the end of the week’s sell off for the overbought U.S dollar saw 1.2500 psychological price level broken. Weekly and Daily moving averages continue to show downwards movements while lower high formations continue. We expect to start the week bullish on the Euro as the Trade Balance estimates shows more than expected growth, but the German ZEW Economic sentiment on Tuesday is likely to remain neutral to negative on the outlook of the currency bloc.

A break above the1.254 price range would likely to face resistance on the 200EMA on the H4 charts that will keep the pair bearish for the week. Breaking above the 1.2700 support – turned – resistance will likely see 1.2800-1.2825 around the corner that keeps the recovery of the euro subdued.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish 1.236 1.242 1.2465 1.2600 1.2700 1.2825

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