|Market Comments||In short term EUR-USD fluctuation is very much neutral last week from 24 to 28 November 2014 as it goes up for correction at 1.2529 and then it goes down to 50% retracement at 1.24511. This 50% retracement where will the EUR-USD market goes to next week? |
Forexfactory economic calender records from 1 to 5 December 2014 could be another week for high turbulence as there mix economic data between the US and Economic.
From technical perspective we can see that the entire trend is going down as shown by the MACD and Stochastic from monthly time frame. However in the intermediate and short term both indicators are going against each other which means the fluctuation could be neutral either ups or down. This is another factor that could confirm the turbulence fluctuation next week.
High = 1.2529
Low = 1.2361
4 Hourly Chart for EUR-USD showing the current position standing at 50% retracement level.
|Market Comments||Last week movement the GBP-USD make up correction to a new high at 1.58154 but then went down to the previous low at 1.5627. As the MACD and Stochastic in the daily time frame still going up there is strong chance it may go up temporarily at least 50% from the current position. However the intermediate and long term are both indicating down trend, there will be strong risk to play upside position. Where will it move next week? |
Mix economic data may cause an unpredictable situation, playing upside would be most unfavorable because of the risk of the major downtrend. Bad economic data from the UK could push the market even deeper down. Otherwise it will retrace at 50% from the current position
In daily time frame there is still hope of going up at the very least up to 50% from the current position as MACD and Stochastic still synced upwards direction. However on the weekly and monthly time frame it is obvious the pair is going down big time.
Range of Fluctuation
High = 1.5815
Mid = 1.5712
Low = 1.5627
4 Hourly Chart for GBP-USD showing it is currently standing at the previous low level at 1.56271