EUR/USD OUTLOOK NOV 05-09

Euro dollart continued the downtrend very nice and it should continue, but a correction is necessary for that. We expect a correction to 1.2883 - 1.2906 around 0.328 fibonacci level and then resumen the downtrend to the area formed by fibonacci extension 1.2765 and 0.328 fibonacci retracement 1.2742.

This area is very important because we will have a rebound and if the market can break the area 1.2883 - 1.2906 we could see another high above 1.3170. If the market cant break that area euro dollar should continue to around 1.2610, 0.5 fibonacci level.

EUR/USD 4H CHART