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Intraday Technical Analysis – November 16, 2007

Intraday Technical Analysis – November 16, 2007
Friday, November 16th, 2007 @ 8:30 am by Bogdan Parascanu

Welcome to Friday Nov 16th midday analysis -13.30 GMT

Euro continued to trade between 1.4600 and 1.4700, and made a new low today just below yesterday’s but the pair bounced back up towards 1.4650. We can see in the chart below it has found support at a trendline conecting lower lows and found resistance also at a trendline, but a trendline that is connecting lower highs; until we break out of this pattern to the upside EurUsd is still biased short.

eur-nov-16-07-noon1.gif

Cable slowed down today, it covered only about 120 points in the Asian and Uk session and found support at the 2.0365 September 12th swing high. As we can see on the 1hour chart below GbpUsd retested today’s high at 2.0480 and is now trading just below the 2.0450 where we saw a consolidation period forming in Thursday afternoon. Same as the Euro the short term bias is still bearish and we could see a second move towards 2.0365 in the afternoon.

gbp-nov-16-07-noon.gif

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