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Weekly Market Review
November 28, 2011
Euro/dollar
Resistance for EUR/USD is seen at 1.3362 and 1.3614, with support showing at 1.3145, 1.3055 and 1.2873. EUR/USD Made another move lower, on the spread of the bond rout to the core of the core: Germany. Apart from the worsening debt crisis, a strong line is 1.3650, which worked quite well in recent weeks, and was only temporarily breached. It is one of the more distinct lines in the range. Next we have a tough line: 1.3550 provided support early in September and then switched to resistance after the fall. It proved it can work as good resistance as well.

USD/JPY
Resistance for USD/JPY currently shows up at 79.52/80.22 and 81.46, with support indicated at 77.48, 76.10 and 75.65 USD/JPY is on the rise despite growing global fears. The crisis in Europe is pushing the dollar higher, and even the “safe haven” yen retreats. Retail sales and Prelim Industrial Production are the main events this week. Dollar/yen made a gradual climb during the week. After conquering the 77 line last weeks the pair continued higher and was eventually capped by the 77.85 line the round number of 77, remains a significant cap for the range trading that characterizes the pair and proved to be stronger now. 76.75 join the chart after providing support during the recent climb. After Japan posted a trade balance deficit, and as the dollar emerges as the only safe haven for now, there is room for gradual rises in this slow moving pair, as long as the euro crisis deteriorates.

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