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In the previous EUR/USD Weekly Review, we noted that from a technical perspective the short and medium term SMAs were displ…
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In the previous EUR/USD weekly review, we noted that from a technical perspective, the 1.44 continued to provide a strong s…
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Good day forex trading koalas.
In the previous EUR/USD weekly review, we noted that the short term SMA 20 was pointing downwar…
EURUSD Forecast
The EURUSD had a significant bullish momentum yesterday, broke above the symmetrical triangle and 1.4200 resistance area as you can see on my h4 below and now seems ready to test July 13th high at 1.4281, which is also the EMA 200 region on h4 chart. The bias is bullish in nearest term especially if price able to make a clear break above 1.4281 testing the upper line of my daily chart descending triangle (red) and 1.4373 resistance area. Immediate support is seen around 1.4200 – 1.4170 region. As long as price stays above that area my intraday bias remains to the upside. A clear break below that area would lead us to neutral zone in nearest term as direction would become unclear. CCI in bullish zone both in hourly and h4 chart but remains neutral on daily chart. Technically speaking, if the bullish continues and lead price breaks above 1.4373 and brings daily CCI in bullish zone above 100 level, we may see further bullish scenario. The fundamental aspects of the Euro zone remain fragile and might need just one bad news to cancel the current technical bullishness and lead us back to a consolidation condition but would give the descending triangle bearish scenario a good chance to bring the single currency to the downside.
EURUSD Forecast
The EURUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.4013 but whipsawed to the upside and closed higher at 1.4124. The bias is neutral in nearest term. On h4 chart below we can see price is moving inside a symmetrical triangle indicates consolidation. Price is still in a bearish correction phase since the fall from 1.4939 but note that the major weekly bullish outlook also remains intact. Immediate resistance is seen at the upper line of the symmetrical triangle around 1.4200 region which is also the 50% Fibonacci retracement of 1.4577 – 1.3836. A clear break above the triangle could trigger further bullish pressure testing 1.4281 even the upper line of the daily chart descending triangle (red line). Immediate support is seen around 1.4080 (former intraday resistance). A clear break back below that area could trigger further bearish pressure retesting 1.4000 – 1.3960 support area. I still prefer a bearish scenario based on fragile Euro zone fundamental condition and the descending triangle on daily chart but conflicting multi time frame bias, consolidation and unclear risk – reward ratio are not my favorite intraday market condition so I prefer to stand aside for now and see further development. Unless you are a long term trader who use daily/weekly chart outlook with proper money management, I suggest you do the same.
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In the previous EUR/USD Weekly Review, we noted that both the SMAs were almost flat. Typical of ranging curre…
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In the previous EUR/USD Weekly Review, we noted from a technical analysis point of view that the SMA 20 is still above the …
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Good day forex trading koalas.
In the previous EUR/USD Weekly Review, we noted that from a technical point of view we might be heading into some consolida…
EURUSD Forecast
The EURUSD continued its bullish momentum yesterday, topped at 1.4383 and now struggling around 1.4320. Despite of pessimistic outlook of fundamental condition in the Euro zone, technically, if you look at the hourly chart below, it’s clear that the single currency has been building a good bullish momentum since the appearance of the inverse H&S formation, moving in a bullish channel. The bias is bullish in nearest term testing 1.4450 region. Immediate support at 1.4250 and the lower line of the bullish channel. A clear break below the bullish channel could be a threat to the current bullish intraday outlook retesting 1.4000 strong support area. From a longer term outlook at the daily chart, price is moving in a triangle formation suggests a consolidation phase. A fragile fundamental condition in the Euro zone could change the market sentiment quickly.
