Nov 16, 2012
Monday EURUSD market Started from 1.29830. After some hours we got a wonderful uptrend.

Yes, today’s market went up to 1.30470. It is a good opportunity for buyers at the beginning. But the current market trend is downward.

Pivot Point Details:

This is the pivot point values for today’s EURUSD. Market started from Pivot level

P-1.2999 and we can expect Support S1-1.2971 and also it will again reach the pivot level of P-1.2999.

An uptrend side may touch the resistance of R1-1.3031.

CCI Values:

Today morning market opened time CCI values was in the position of -67.537. After some hours it touched +236.051 (see Fig). So the market was so good for buyers at the morning time.

And also we got an overbought position today. It has given a good up trend in EURUSD market side.

We can expect the market to get a down trend up to +50 and it may get up again today.


News Details:

Our markets watch team has given the details about Today’s news Analysis.

FXBase Market analysis team says,

Today we don’t have any important news. We have only this announcement today.

15:00(GMT) USD ISM Manufacturing Index

The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) rates the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
The data is compiled from a survey of approximately 400 purchasing managers in the manufacturing industry.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

so this time market will reach some slight movement .we can expect this time positive or negative trend.

So the final report is that the market will reach S1 - 1.2971 Soon & P-1.2999 in downtrend side today and also in uptrend side we can expect the market to cross Resistance level of R1- 1.3031.