EURUSD Outlook

The EURUSD was indecisive yesterday. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see price is now testing the lower line of the bullish channel. Break below the bullish channel could trigger further bearish pullback testing 1.2920/50 but any downside rebound now should not be a surprise since we haven’t seen bearish correction since last weekend. On the upside, break above 1.3036 (yesterday’s high) could trigger further bullish momentum testing 1.3120. Fundamental focus today will be on four US economic data. PPI, unemployment claims, TIC purchases and Philly Fed Manufacturing Index. Good numbers could trigger another risk appetite, push Euro higher while bad numbers could trigger risk aversion lead us to technical downside rebound. However the results could be mixed and produce another high volatile market.

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EURUSD

The EURUSD continued its bullish momentum yesterday, topped at 1.3032 and closed at 1.2998 after better than expected US core retail sales triggered another risk appetite sentiment. If we keep seeing good fundamental data, this bullish momentum likely to continue. On h4 chart below we can see price is moving strongly in a bullish channel indicating a strong bullish phase testing the trend line resistance (red). Although the medium and nearest term bias is strongly bullish, only a break above the trend line resistance could be a serious threat to the long term bearish outlook. Immediate resistance, which is also nearest bullish target is seen around 1.3120. Initial support at 1.2900 and the lower line of the bullish channel. Break below that area could lead us to neutral zone. CCI in oversold area and heading down on h4 chart so watch out for potential bearish pullback.

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EURUSD Outlook

The EURUSD didn’t make significant movement yesterday, but we had bearish pressure earlier today in Asian session, hit 1.2789 at the time I wrote this comment. On h1 chart below we can see the bullish channel has been violated to the downside indicating potential bullish failure at least testing 1.2777 – 1.2740 support area. CCI in oversold area and heading up in h1 chart so watch out for potential upside pullback testing 1.2854 region. Break above that area could lead us into neutral zone as nearest term direction would be unclear. Above 1.2854, next resistance to be tested is 1.2930, which is my key level in medium term

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EURUSD Outlook

The EURUSD continued its bullish momentum on Friday after price break above the trend line resistance as you can see on my h1 chart below. This fact could trigger further upside pressure testing 1.2930 key resistance area like I said on my weekly summary. We are still in upside correction phase here. Break above 1.2930 could trigger further bullish momentum testing 1.3115. On the downside, immediate support at 1.2830 area. Break below that area and violation to the downside of the bullish channel could diminish the bullish outlook and keep the medium bearish outlook intact.

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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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EURUSD Outlook

The EURUSD attempted to push higher yesterday, topped at 1.2304 but closed lower at 1.2234. On h4 chart below we can see that price is struggling around the lower line of the bullish channel indicating intense battle between buyer and seller around that area. The nearest bias remains bearish but note that we need a break below 1.2150/40 support area to end the bullish correction phase at least testing 1.2000 area. On the upside, immediate resistance at 1.2250 followed by 1.2300. Break above 1.2300 should keep the bullish correction scenario intact

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EURUSD Outlook

The EURUSD continued its bearish momentum yesterday. On h4 chart below we can see that price not only break below the trendline support but also slipped below the major bullish channel indicating a serious threat to the bullish correction scenario and technically price is now ready to resume its major bearish scenario especially if able to break below 1.2150/40 region targeting 1.2000 area. The bias is bearish in nearest term but CCI in oversold area and heading up on h4 chart indicating potential upside rebound. Another upside pullback inside the bullish channel could lead us into neutral zone in nearest term and keep the bullish correction scenario intact. Immediate resistance at 1.2250 followed by 1.2300 region.

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EURUSD

Support at 1.2150 came under pressure yesterday as the euro continued to pullback after breaking below 1.2250 which provided support last week. Short-term sentiment remains slightly bullish as the median retracement of 1.1875-1.2465 is still intact – around 1.2170. Not far below 1.2150 comes 1.2100 which is the next support to watch – formed by the 61.8% of mentioned up leg. More downside action is likely – as long as upside will be capped by 1.2300. Above 1.2300 – uptrend resumes. Current quote is 1.2220 @05:55 GMT

Support: 1.2150, 1.2100 and 1.2000
Resistance: 1.2250, 1.2300, 1.2360 and 1.2400
Market sentiment: long term – bearish, medium term – bearish, short term – slightly bullish, intra-day – bearish

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