Adding to investor nervousness that followed attacks in Paris earlier this month, Turkey shot down a Russian aircraft near the Syrian border on Tuesday, saying the jet had violated its air space. The incident briefly sparked oil supply fears and sent crude prices surging overnight to 2-week highs. Subsequently the rally in oil prices, helped boosting commodity currencies such as the AUDUSD which reached a one month high near 0.7276. USD retreated and the USX index which tracks the performance of the USD versus a basket of other major currencies retreated ahead of the 100 level. EURUSD rose as well, after data showed that German data rose 0.3% in 3Q 2015. Additionally the nations IFO index advanced more than expected to 104.7 Vs 104. Resistance is at 1.0692 and support at 1.0633. On the contrary, GBPUSD nosedived after BoE head Mark Carney indicated that the low interest rate environment is likely to continue in the UK for “some time”. The pair is expected to find support at 1.5051, and a fall through could take it to the next support level of 1.5000. The pair is expected to find its first resistance at 1.5155,
We have several important releases in the US today ahead of Thanksgiving on Thursday and Black Friday. Most important is the release of PCE inflation in November. Also due today in the US is the October report on personal income and spending, preliminary data for Markit PMI services in November, initial jobless claims and final University of Michigan consumer sentiment for November. New home sales in October could also attract attention as the September figure was very weak.

Trading Quote of the Day:

A trader should look at a chart for what it is, and not for what he want it to be.

Green lines are resistance, Red lines are support.

EUR/USD
Pivot: 1.063
Likely scenario: Long positions above 1.063 with targets @ 1.071 & 1.074 in extension.
Alternative scenario: Below 1.063 look for further downside with 1.06 & 1.056 as targets.
Comment: The RSI is well directed.