forex trading outlook today - EUR/USD forecast weekly november 21-25 2011 : The euro rose against the dollar on Friday on the possibility the European Central Bank will lend to the International Monetary Fund to bail out bigger euro zone economies and as borrowing costs for Italy and Spain eased.
Sentiment toward the euro remained bearish, however, and the common currency was headed for a third straight week of losses as fears persisted that the debt crisis could engulf major euro zone states such as France and trigger a break-up of the 17-nation bloc
The EURUSD moved up into the 8 and 21 day EMA resistance layer today but closed the day well off its highs, forming a bearish pin bar in the process. Next week, we see the potential for this market to move lower if the pin bar low from today breaks. The next main support comes in around 1.3150.
Sentiment toward the euro remained bearish, however, and the common currency was headed for a third straight week of losses as fears persisted that the debt crisis could engulf major euro zone states such as France and trigger a break-up of the 17-nation bloc
The EURUSD moved up into the 8 and 21 day EMA resistance layer today but closed the day well off its highs, forming a bearish pin bar in the process. Next week, we see the potential for this market to move lower if the pin bar low from today breaks. The next main support comes in around 1.3150.
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