Forex Analysis and News for Major Currency pairs November Week 4 This Analysis is brought to you by PROFIFOREX Here is the market outlook for this week: EURUSD Price Trend: Bearish The decline in the EURUSD still stretched across last week - it even went as far as dropping under the resistance lines located at 1.0650 and 1.0600. A strong trend has formed in the EURUSD with the solid decline of over 700 pips for almost two weeks now. For this we can see that it is very likely the EURUSD will keep falling. It could even drop as far as 1.0550, and 1.0500 even dropping down as far as 1.0450 (all these being support levels). This is very possible should the USD maintain its strength. EURJPY Price Trend: Bullish Despite a brief decline we had in the EURJPY by last week Wednesday, the pair has been on the rise. This increase is supported by the pressure brought about by massive buying as well as a weakening Japanese Yen. The weakness of the yen makes it very possible for even the likes of the euro and British Pound to continue making gains against it. As such unless the Japanese yen gets stronger, it is very likely the uptrend will go on even reaching the supply zones located at 118.00 and 118.50 across the week. GBPUSD Price Trend: Bearish Last week, there was very strong bearish correction in the GBPUSD. This led to us seeing signals to sell on the short term and even on the longer term too. The chance of prices pulling up is really low until price action shows a strong forming uptrend. At this point, it is safer selling this currency pair; thus should prices go up, it is only a better opportunity to quickly sell. USDJPY Price Trend: Bullish The USDJPY has gone up by more than 955 pips since the low the USDJPY suffered as at November 9. As of now there is a strong Bullish Confirmation Pattern. This happens to be one of heaviest directional movement in the previous months. With this in mind, we see that the USDJPY could reach supply levels located at 111.00 and 111.50 across this week. USDCHF Price Trend: Bullish There was an increase of 215 pips in the USDCHF last week. With this significant increase, the pair eventually broke past 1.0000 (which is a very crucial psychological level) even rising as far as the resistance level located at 1.0100. Thus the possibility is high that the uptrend would go on. One likely point the USDCHF may climb to is 1.0200 which is a resistance level. Should prices go higher, it is then more likely they will fall down soon. We expect the uptrend to continue so long the USD doesn't suffer any weaknesses.