Zones of Support and Resistance: Update 11/15/2012

FX:EURUSD   Euro / U.S. Dollar
The price continues to decline in a slow orderly fashion. It is important to pay attention to the support zones for a bounce and a possible continuation of the bullish trend . One key level is at 1.2745 where the high on the June 18 intersects with the current support trend line . I believe the strongest zone of support to be between 1.2515 and 1.2587 where the previous breakout occurred.

Zones of Support
1st: 1.2824 - 1.2809
2nd: 1.2745
3rd: 1.2662 - 1.2587
4th: 1.2515 - 1.2434

Zones of Resistance
1st: 1.2990
2nd: 1.3170
3rd: 1.3287

Update 11/15/2012

The EURUSD had finally found support in the 3rd Zone and the 1st Zone has now become resistance. I believe that there will be another attempt at a bearish run before finding support at 1.2604 based on a previously posted weekly chart.

Based on your own evaluation do you believe we are ready for another bull run or a continuation of the bear run?

Zones of Support
1st: 1.2662 - 1.2587
2nd: 1.2515 - 1.2434

Zones of Resistance
1st: 1.2824 - 1.2809
2nd: 1.2990
3rd: 1.3170
4th: 1.3287

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