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Intraday Technical Analysis – November 26, 2007

Intraday Technical Analysis – November 26, 2007
Monday, November 26th, 2007 @ 7:00 am by Bogdan Parascanu

Monday’s Nov 26th midday analysis -12.00 GMT

EurUsd found intraday support at the 1.4800 level and it bounced from that to the 50.0 Fib retracement line of Friday’s move, trading between these two important support and resistance levels the pair has showed us once again that Monday’s are usually slow and volatility is down. We saw a higher low being formed in the Asian session and this is inline with our overall bullish sentiment, as long as the pair trades above 1.4800 we can expect a higher high in the next days.

eur-nov-26-07-noon.gif

GbpUsd continued the move started in Friday’s afternoon but so far has traded inside that range finding resistance around the 2.0700. The pair has reached a consolidation period and has traded between 2.0500 and 2.0700 for a few days; while trading at the high of this range and entering in an overbought status on the hourly timeframes downside pressure might have an effect in the US session.

gbp-nov-26-07-noon.gif

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