Daily Fib 27 November 2013

By | November 26, 2013

I’m away for the remainder of the week but will update when I can.  This is an update at 21:20 26 November based on events of today:

Technical Analysis

EURUSD broke thru’ 1.3540 early in European trade and this level remained supportive until USD Consumer Confidence figures provided a jittery blip.  The ensuing dip to 1.3520 was soon reversed with the pair testing recent highs 1.3574 during the US session.

As the 50% Oct high to Nov low and the high of Nov, 1.3564/78 is significant.  It has been tested three times in the last week and a break to the upside would certainly be a positive sign, with stops triggered and a possible retest of the level before buyers step in to resume the recent bullish theme.

Failure to take out this level brings 1.3540 back into view thru’ which opens the gate to the recent interim lows at 1.3500/3490. With the subsequent scent of 1.3400 in the air, the bears just might be tempted.

Support and resistance can be seen at

  • R6: 1.3900 approx trendline down from high of Jul 2008 thru’ Apr 2011
  • R5: 1.3832 61.8% May high to July low and high of Oct
  • R4: 1.3700/17 Significant figure and 78.6% Oct high to Nov low
  • R3: 1.3627/50 61.8% Oct high to Nov low and former support
  • R2: 1.3600 Significant figure
  • R1: 1.3564/78 50% Oct high to Nov low and Nov high
  • S1: 1.3550/40 Resistance thru’ Nov – now support
  • S2: 1.3500/3490 Sig Fig, former res [38.2% Oct high - Nov low] now support and 38.2% of rise from 20 Nov
  • S3: 1.3470 38.2% Nov low to Nov high plus cluster fibs of rise from 20 Nov
  • S4: 1.3435 50% Nov low to Nov high and 78.6% of rise from Nov 20
  • S5: 1.3400 Low of Nov 20
  • S6: 1.3350

Events of the Day

Trade Ideas and Strategies

The following trade ideas have been identified using the simple moving average strategy described in Strategies:

  • There may be ideas on the Alerts and Signals page, but I am unable to qualify them due to being away.