Currency Market News, Nov 16, 2011

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Technical Analysis

The eur/usd has prices under the main pivot of 1.3667 and we can await decline towards S1 support of 1.3546 and sustained decline would then target towards S2 of 1.3470. Bounce off of one of these levels would then focus on R1 (Resistance) of 1.3743. Based on the conclusions, we are expecting a bearish trend going forward.

The usd/jpy has prices holding above the main pivot of 77.040 and we can await rise towards R1-Resistance of 77.276. Price would probably continue to rise towards R2-Resistance of 77.470 where price might be limited. Our market conclusions for the chosen indicator show a bullish trend today.

Going forward we have the gbp/usd, with prices under main pivot of 1.5955 and we can expect decline towards support S1 of 1.5819. After price reaches that level we can await consolidation and probably downward movement continuation. The summary of our indicator show a bearish trend.

Our last technical analysis is the usd/chf, with prices expected to reach the R1-Resistance of 0.9130 where it might be limited and then we should see correction. After that if price does have enough momentum it could raise towards the R2-Resistance of 0.9176.

Fundamental Analysis

The UK Consumer Price Index at 09:30 GMT, with analyst expecting a slight decline from 5.2% from 5.1% as high impact on the British Pound is being awaited. The EW would report month statistic regarding German Economic Sentiment at 10:00 GMT. Economist are waiting for a decline from -48.3—51.8. They would have a high impact on the Euro. Readings above zero indicates optimism below indicates pessimism.

Further along we have the US Department of Labor is going to release monthly report about PPI (Producer Price Index) at 01:30 pm GMT. It is expected to decline from 0.8% to -0.1% and would have a high impact on the dollar. The Census Bureau in the United State would release monthly figures regarding retail sales at 13:30 GMT. Analysts are waiting for a decline from 1.1% to 0.3%, with an assumption of a high impact on the US dollar.

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About: FX Empire Analyst - Irit R

Mrs. Irit Rutenberg is FXEmpire.com Content and Analysis Team Manager, with a few years of experience in the field. The FXEmpire.com news desk members are all of an academic background in the finance field with practical and theoretical experience in trading.

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