Technical analysis for the EURUSD on 24.11.2015

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The EURUSD: false breakout of 1.0615 support

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Bears attempted to break and hold below strong support of 1.0615 yesterday. The price tested this mark and refreshed the previous low, but failed to break it.

Low volumes and weak volatility, false breakout of 1.0615 support — all these are clear signals in favor of correction. Before the correction occurs, bears will most likely test the above mentioned support again.

The test will most likely take place at 10.00, during the release of Germany’s GDP data. If bears fail to break the barrier, the price will rebound up to the targets at: 1.0675, 1.0700, 1.0765.

Alternative scenario:  

Medium-term bearish trend will continue if price breaks support at 1.0615. The breakout will open the way to 1.0500.

 

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.