Hourly Chart (MT4 Platform)
Price rally strongly after Obama re-election news filled the wires. Fiber hit today’s H5 level and went down sharply after, with H4 and consolidation zone on 4th Nov acting as support. Further support levels can be found along L3/L4 which is the consolidation zone on 5th Nov.
5 Minute Chart (fxTrade Platform)
Shorter time frame showed a break of short-term support around 1.2855/1.286, with price trying to push back to the 1.286 – 1.2875 range. Failure to move back above 1.2855 threatens to move price back to pre election announcement levels.
Fundamentals
1) Euro-Zone leaders given themselves 3 weeks to finalize Greece Bailout deal. Having a fix dateline may encourage bulls to speculate as the dateline draws nearer.
2) Traders will be looking at ECB Rate Announcement tomorrow for further direction.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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