FOREX FORECAST FOR 7TH OF NOVEMBER, 2012.
Money and Finance

FOREX FORECAST FOR 7TH OF NOVEMBER, 2012.


Today on the 5 hour chart, the price of EUR/USD is within the channel 1.2764 and 1.2884. But we are going to pay attention to the resistance level marked with thick black line. Currently the market is moving upwards towards the resistance line 1.2884 and we are expecting a rebound on the resistance line at price level 1.2884.

RECOMENDATION : Buy if the price break the resistance level line 1.2884 and is heading upwards with a stop loss place a little below the 1.2884 resistance level and take profit set at 1.3020.

Sell if the price rebounds on the resistance level 1.2884 and is going downwards with your stop loss place a little above the 1.2884 resistance line and take profit at level 1.2764 and 1.2647 respectively. Please always use your MACD to time your entry point. And risk only 3% of your capital. 






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