FOREX TRADING

EURUSD Outlook

The EURUSD was indecisive on Friday. We are still in bullish correction phase but my major bearish outlook remains intact especially if price break below the rising wedge formation and 1.2680 support area testing 1.2523 – 1.2470 area. On the other hand, if the upside correction continues and price break above the rising wedge, we could see further upside correction testing 1.2825 – 1.2930 region which could be a serious threat to the current bearish outlook.

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EURUSD Outlook

The EURUSD continued its moderate recovery yesterday. On h1 chart below we can see that price is moving in a new minor bullish channel but there are some downside pressure earlier today in Asian session as price is now testing the lower line of the bullish channel. Violation to the minor bullish channel could pause the recovery testing 1.2800 even 1.2735/00 and the lower line of the major bullish channel. Immediate resistance at 1.2916/30 area. Break above that area could trigger further recovery testing 1.3000. It’s been a difficult market for the last two weeks as I have conflicting trend in multi time frames and risk aversion-appetite seems to control the market sentiment again adding uncertainty and volatility.

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EURUSD Outlook

The EURUSD continued its bearish pressure on Friday, bottomed at 1.2751 and closed at 1.2752. On h1 chart below we can see price seems ready to test the lower line of the bullish channel. Note that as long as the bullish channel hold, the major bullish scenario remains intact and only violation the the bullish channel and movement below 1.2700 key support area could be seen as a serious threat to the bullish outlook  testing 1.2605 before targeting 1.2470. Immediate resistance at 1.2790 followed by 1.2850 area.

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EURUSD Outlook

The EURUSD finally made a clear break above 1.3000 resistance yesterday, topped at 1.3106 but closed a little bit lower at 1.03075. This fact could trigger further upside pressure testing 1.3213/70 region before testing 1.3340. However, as you can see on my daily chart below, we have a trendline resistance which is located around 1.3120 that need to be broken to the upside before continue the bullish pressure. Immediate support at 1.3045/20 region. Break below that area could lead us into neutral zone in nearest term testing 1.2950/30 support area but overall we are still in strong upside phase and I still prefer buy on dips.

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EURUSD Outlook

The EURUSD was indecisive on Friday. Price attempted to push lower, bottomed at 1.2794 but closed higher at 1.2914. On h4 chart below we can see that price is moving inside a triangle formation after failed to consistently move above 1.3000 and found support around 1.2735 indicating consolidation. Breakout above the triangle could trigger further upside pressure re-testing 1.3000 before targeting 1.3120. On the other hand, breakdown below the triangle could trigger further bearish pressure testing 1.2735 region. Overall we are still in bullish phase.

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EURUSD Outlook

The EURUSD had a significant bullish momentum yesterday after bad US trade balance number, topped at 1.2737 and closed at 1.2722. The rising wedge formation has failed indicating potential technical bullishness targeting 1.2850 – 1.2900 area. Immediate support at 1.2650 (former resistance). Break below that area would lead us into neutral zone. Although technical study is bullish, I think this bullish run is tricky and fragile from fundamental point of view since yesterday we had bad Euro zone ZEW economic sentiment number, keep the Euro zone in negative territory.

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EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.2552 but whipsawed to the upside, closed at 1.2637. The bias is bullish in nearest term targeting 1.2750 area before testing 1.2900 especially if price able to move consistently above 1.2670 today. Immediate support remains at 1.2550 and the minor trendline support area (red). Break below that area could trigger further bearish pressure testing 1.2465 but overall we are still in a strong bullish correction at this phase.

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EURUSD Outlook

The EURUSD continued its bullish momentum yesterday, topped at 1.2661 and closed at 1.2624. This fact opens the door for further upside scenario testing 1.2900 this week but we have bearish potential indicated by CCI divergence as you can see on my h4 chart below so things could be tricky at this phase. Immediate support at 1.2550 region. Break below that area could trigger further bearish pullback towards 1.2465 area but overall we are still in upside correction phase. On the upside, we need a clear break above 1.2670 region to continue the bullish scenario.

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