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Intraday Technical Analysis – November 29, 2007

Intraday Technical Analysis – November 29, 2007
Thursday, November 29th, 2007 @ 7:50 am by Bogdan Parascanu

Thursday’s Nov 29th midday analysis -13.00 GMT

After bouncing from just above the 1.4700 area yesterday the pair found a high at the 23.6 Fib retracement line and started again to move lower, as we can see in the chart below EuruSd is once again closing in on the 1.4700 support and although the 1hr oscillators look oversold we are bearish on this pair and expect a break below support.

eur-nov-29-07-noon.gif

GbpUsd failed to reach it’s target on the break south of yesterday’s triangle formation and instead it printed a new high at 2.0830; after that we witnessed a sharp fall towards yesterday’s lows a level at which we are trading right now; so far the 2.0600 support line is holding the pair above it but the downside pressure will probably push it through towards the 2.0500 target area.

gbp-nov-29-07-noon.gif

One Response to “Intraday Technical Analysis – November 29, 2007”

  1. Julia says:

    hey do you only use the 5 min chart? what do you think about the 1 min, to much noise? also do you mainly? only do montmeum trades? lastly are you mostly active in the morning and afternoon and stay away from lunch time?

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