FOREX TRADING

The EURUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but we are still in bullish correction phase as price is moving strongly inside the bullish channel as you can see on my h1 chart below. A break above the trend line resistance could trigger further upside momentum testing 1.2930. On the downside only a violation to the bullish channel and movement below 1.2770 support area could trigger bearish continuation at least testing 1.2700. Pay attention to US Non Farm Payroll data today.

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EUR/USD closed higher on Thursday as it consolidates some of the decline off this month’s high. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that a short-term low is in or is near. Closes above the 20-day moving average crossing would temper the bearish outlook. If it renews last month’s decline, the reaction low crossing is the next downside target.

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The EURUSD had a significant bullish momentum yesterday, topped at 1.2854 and closed at 1.2807 after price break above the triangle. Positive data from China and Australia trigger risk appetite and hurt the Dollar. The “head and shoulders” bearish scenario remains intact but clearly under heavy pressure as price is now move above the neckline (1.2700). A new trend line resistance (yellow) is drawn as a result of yesterday’s price action. Break above that trend line and 1.2854 could trigger further upside pressure testing the right shoulder of the H&S formation around 1.2930 which could be a serious threat to the bearish outlook and potential bullish reversal scenario. On the downside, I think we need another move below 1.2700 to see further bearish pressure.

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EUR/USD closed higher due to short covering on Wednesday as it consolidates some of the decline off this month’s high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish signalling that a short-term low is in or is near. Closes above the 20-day moving average crossing would temper the bearish outlook. If September renews last month’s decline, the reaction low crossing is the next downside target.

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EUR/USD closed lower on Tuesday as it consolidates some of the rally off this month’s low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that additional strength is possible near-term. If it extends this month’s rally, the reaction high crossing is the next upside target. Closes below the 20-day moving average crossing would temper the bullish outlook.

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Currency pair USD/CHF

Conditional critical level is once again broken, besides, a wave [b] prospective Expanded Flat B of (2) at level of the limiting sizes. It persistently specifies all in necessity of revision of the scenario. The variants considering behaviour of the price will be considered in the near future and published in section of the monthly analysis. Within the limits of the considered scenario, formation of an impulse with of (y) of [b] presumably comes to an end. If the assumption is true, after its termination it is possible to expect growth of pair as an impulse or a Diagonal Triangle [c] of B.

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EUR/GBP

Current level – 0.8206

Longer term bias switched to bearish now that the cross has breached key support in 0.8400 area.

Intraday:  No change from last week, keeps on sliding for a retest of Junes low in 0.8070 zone. Trade the 100 pip range developed between 0.8140 and 0.8235.

Profit-taking affects gold curbing silver and platinum

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EUR/USD

Current level – 1.2657

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.

Yesterday’s break below the crucial 1.2677 set an end to the rebound above 1.2587 and current bias is negative towards 1.2475. Intraday resistance is seen at 1.2680.

Profit-taking affects gold curbing silver and platinum

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