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Weekly Forex Market Price Action Outlook – November 3rd – 7th 2014

The EURUSD continued falling lower on Friday and broke down below key support at 1.2500 before closing just above that level at 1.2521. This week, we will wait to see what price does at this key 1.2500 support level, if it bounces up from it, we will watch for another selling opportunity on strength, to rejoin the downtrend from value. The spot Gold market fell significantly lower again last Friday and we can see it’s moved significantly lower following the weekly bearish pin bar sell signal that we discussed in last week’s members weekly market outlook. Price not only tested key support at $1180.00 Friday, but broke and closed below it in what was a very large bearish day. Momentum and trend are sharply bearish but we could get a retrace higher this week after such a large down move, so traders can watch for a price action sell signal from resistance to rejoin the downtrend from value if price does retrace higher this week.

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