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3rd Nov 2014 EUR/USD Analysis

3rd Nov 2014 EUR/USD Analysis

dollar, Draghi, ECB, EUR/USD, EUR/USD Forecast, EURO, European Central Bank, EURUSD analysis, EURUSD outlook, EURUSD technical analysis, Mario Draghi, ABS,TLTROs, asset backed securities, broad based asset purchases, U.S Dollar, USD, EUR/USD outlook, EURUSD forecast, EUR/USD technical analysis, EUR/USD analysis, EUR/USD projections, EURUSD projections, EURO Supporting trendline is seen on the monthly charts as Weekly chart analysis shows next support at 1.243

dollar, Draghi, ECB, EUR/USD, EUR/USD Forecast, EURO, European Central Bank, EURUSD analysis, EURUSD outlook, EURUSD technical analysis, Mario Draghi, ABS,TLTROs, asset backed securities, broad based asset purchases, U.S Dollar, USD, EUR/USD outlook, EURUSD forecast, EUR/USD technical analysis, EUR/USD analysis, EUR/USD projections, EURUSD projections, EURO EUR/USD retests 1.2500 low of 3rd October 2014 as prices lower will be beyond the low of Sept 2012

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Europe starts November with the Spanish, Italian and Final Manufacturing PMI data during the European morning, with the U.S announcing its ISM Manufacturing PMI later in the day. A supporting trendline is in sight for the Euro on the Monthly charts against the dollar as the 200 monthly EMA has been broken. Weekly chart analysis shows next support at 1.243 as EUR/USD trades towards the low of September 2012, should current support of psychological price 1.2500 be breached.

A gradual downward slope of prices has formed as lower lows and lower highs look to continue sideways so long as no major data shifts the Euro below 1.2500. A retracement to 1.264-1.2700 will be optimal for re-entry into the bearish trend to hold for the swing, while an intraday entry can be see on the buy should 1.2600 be broken higher. We see the black 200 EMA on the H4 charts above the current market price and dipping lower, while the blue 20 EMA has crossover the orange 104 SMA and sloping further downhill.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish 1.234 1.245 1.2501.2641.2741.2825

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