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$EURUSD

The cross is at the bottom of a Descending wedge but has not been able to break yet.  One more run up is possible to get some traction for the break   If so look for it to make a run at the .500 fib retracement @1.3442.    A move back up inside the wedge targets the 1.3675 area and then we should see either a breakout here ( to the 1.3777 area) or the next run down to the 1.3560 area again.  There is a further target down that are the support @ 1.3414.

 

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$USDJPY

The cross is at the top of the channel and testing making a run at the .618 fib retracement @83.44 from here.  We will expect a move back in the channel after taking out the target.  A move back inside to the .500 fib (82.82) looks correct.  There are further targets down that are the .382 fib @ 82.21 and strong support at 81.67.  Upside target is the R5 @ 84.00

 

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What ProAct Traders sees in the Forex starting the week of Nov 14th, 2010 –

 

$EURUSD

WHAT ProAct Traders SEE:  The market is in a short term bearish bias. We are sitting on the .382 fib retracement (day chart). We expect the current correction to reach the .500 Fibo and then bounce back to the bullish side.     The 50% fibo is at 1.3442 and would expect the market to at least tag that picking up lots of buyers here although there are great targets near the 1.3300 area.  Upside risk is a break of the 1.3777  to the 1.3836 (.382)

 

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$EURUSD

As we noted yesterday "The initial target for the next move down is the -0.270 area at 1.3600 area".  We did that and bounced however we are still in the descending wedge and now looking to go back to that target 1.3600 again.  A break of the 1.3600 however, targets the 1.3491 (.618 fibo extension).  Upside risk is a breakout of the wedge to the .382 fib retracement @ 1.3793.  We like the downside opportunity. 

 

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EURUSD Limited Out

If you were on the RF1010 call this am you remember that we called this trade for 55 pips!  We just limited out.  YE HA!

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$EURUSD

EURUSD put a false breakout on the charts and is still looking to put in a double bottom at 1.3570.  If we get a bounce there look for a move back to the 1.3756 support and a break of the wedge. The initial target for the next move down is the -0.270 area at 1.3600 area.  A break of the 1.3600 however, targets the 1.3482 (.618 fibo extension).

 

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$EURUSD

EURUSD appears to be stuck in a range.  Although it has broken the bottom of the uptrend it is sitting on strong support just below @ 1.3734.  A break south will immediately hit the S6 support @1.3680.The Market should try and take this S6 out at which time buyers should be found at this level for a bounce to the .382 @ 1.3912. any continuation north should follow the fib retracements of the last leg up.  A break of the S6 targets the -0.270 Fib extension at the 1.3500 area.

 

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$EURUSD

After a nice sell off to the .786 we have had a bounce to the R3.  Now we should watch for the pullback to the trend line and then another push upward and watch for 1.4100.  To the downside we should be watching for the break of the trend line and then trying for 1.3800.

 

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$GBPUSD

GBPUSD appears to be rebuilding a bull flag after reacting at the 1.6300 and the R6 resistance. The initial target for the next move down is the 1.6053 area which is the 0.382 fib retracement. When can see consolidation occurred here the last time so expet stalling here as opposed to a strong bounce.  A break of the .382 however, targets the 1.5973 (.500 fibo).  Next upper target is the resistance at 1.6449 which whould be in the sigts in the next day or so.

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