Tuesday Nov 21st midday analysis -13.00 GMT

Euro formed a double top on the shorter timeframes at the 1.4850 level and after that it started retracing towards the 61.8 Fib of the 1.4635/1.4850 move. We still maintain our bullish bias and now have a projected target for the next few days around the 1.5000 round number, seen by many as the next major psychological target.

Cable found resistance at the 2.0700 line and traded inside a 50 point range in the asian session, and when it finally broke south it has already reached our Fibonacci Expansion target of 2.0540 and already covered it’s daily average range, for the afternoon we expect the pair to trade inside today’s range and perhaps move higher towards the morning high.