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Technical Analysis
Technical analysis on EU,GU and majors
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[QUOTE="bhanu545, post: 15457, member: 7126"] [b]The EUR/USD technical analysis and trading recommendations for November 16[/b] [IMG]http://instaforex.com/userfiles/20101116/eurusd%204.gif[/IMG] Overview: The sell signal with a target at 1.3576 is still observed. This signal is strong and confirmed, as the Chinkou Span is below the price graph and the price is below the Ishimoku Cloud. Also the price is below the pivot level of 1.3780. Presently, the first support level of 1.3477 is a target for movement. In case this level is passed the next target will be the second support level of 1.3268. It should be said that at present the correction movement has finished. In case the price manages to fixate above the Kijun-Sen (1.3685), the sell signal will weaken and it will be a point to reduce short positions. The Chinkou Span is below the price graph, thus confirming the current sell signal. The Bollinger Bands indicate the downside motion, the lines are diverging and directed downwards. The MACD is descending, thus denoting the resumption of the downtrend. Trading recommendations: Currently, it is recommended trade down with the target to 1.3477 and further to 1.3268. The stop-loss is set above 1.3685. In case the MACD reverses upside the short positions should be cut. Performed by Stanislav Polyanskiy, Analytical expert InstaForex Companies Group © 2007-2010 [/QUOTE]
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