EUR/USD Sell Bellow 1.2938 - For November 28, 2012 (Daily Strategy) Trend News

The euro falls during today's session as the wait for Brussels plans for Spanish banks nationalized in the U.S. and there are still difficulties in the negotiations between Democrats and Republicans to avoid "Fiscal Abyss". This uncertainty is causing the downward pressure for the euro.

At the technical level, we note that since the maximum of 1.3005 the euro broke the 23.6% Fibonacci retracement. We expect the bearish sequence can fall up to 50% retracement to the level of 1.2830.

Therefore, if you are selling it is recommended keeping your order, or you can enter the pullback towards 1.2938 and place stop loss above the maximum of this week.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/USD Buy Above 1.5950 - For November 28, 2012 (Daily Strategy) Trend News

The pound sterling still retains a moderate uptrend. Therefore, we look at the level of 1.5950, the daily fractal; it will be the level that could provide dynamic support to par. So we recommend buying at this level with goals back into the downtrend line at 1.6050 level.

On the fundamental aspect, we can see a lot of volatility in this pair, in the two weeks to come. After all, this is one of the less liquid times of the year, as traders will leave for the holiday as we move through the month of December.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Fundamental Analysis For November 28, 2012 Trend News

There were intense movements during the European session on Wednesday. The U.S. dollar has recovered its positions; it may continue till the American session.

The euro moved away from the maximum of 1.3005 which was hit on Tuesday and it broke the 1.2905 support, 38.2% of the rally 1.2735/1.3005 without difficulty. It may signify even higher losses of the euro for the next few hours.

The pound still retains a moderate uptrend. But it could go the way of the euro during the American session and break 1.5970 trendline on the 4 hour chart, which accelerates a sharp decrease of the British currency.

The Australian dollar has managed to stay bullish recently. Its purpose is 1.0385, about 55 points below the current level.

At 10:00 ET New home sales in the United States data is released.

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