Daily Outlook30.11.2007 by Dimo Dimov

The chart present the movement started from 107.19. I think it is corrective in nature and is developing as a double corrective combination. When it is over, I will expect at least 61.8 % retracement so I will look for an entry level for a short position. From a short term point of view a key support is 110.01 so I give a strategy to sell below it. A resistance level is 111.60.

Trading strategy: 08:55 EST; 12:55 GMT

Sell on break of 110.01 (sell stop order at 110.00), stop loss – 110.90, target –108.65

Confidence level – moderate

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.