MBCFX daily Market Analysis. TODAY is Thursday, November 22nd,2012.

[Nancy Maali]

MBCFX daily Market Analysis. TODAY is Thursday, November 22nd,2012.

 

http://www.mbcfx.com/news/news_en22_11.html

 

 

The Euro USD recovered to reach the 1.2867 level, but we wait according to the Gann circle, the appearance of an opposite candle to the candle of yesterday, means that today we expect it will be a bearish candle.

 

So the next expected target would be towards the Fibonacci 38.2% at the 1.2790 level, and if the Euro breaches down this level, it will decrease towards the 1.2740 level.

 

As for the key support level, it lays at the 1.27 level which will represent the key point of the bearish trend, because if the Euro breaches down this level, the next targets will be toward the Elliot correction level at the 1.2662 level, then to the 1.2606 level, which corresponds to the Ishimoku resistance level on the weekly chart.

 

That is all for the news of this morning,

 

for more info or further technical analysis, please visit our website on:

 

www.mbcfx.com Or contact us at: [email protected]

[ForexMike]

Please follow through and share a chart explaining your analysis....thanks