FOREX TRADING

EURUSD Outlook

The EURUSD failed to continued its bullish momentum yesterday. On h1 chart below we can see that price is now struggling around the trendline support area. Overall we are still in upside correction phase but a consistent move below the trendline support and 1.2240 could trigger further bearish pressure testing 1.2200 – 1.2150 area and could be a serious challenge to the bearish correction scenario. On the upside, we still need a break above 1.2465 resistance area to continue the bullish scenario at least testing 1.2645.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was able to maintain its bullish bias last week. We are now in a critical technical point, where a consistent move above 1.2465 resistance could be seen as bearish failure and a beginning of a medium bullish outlook targeting 1.2645 and 1.3120 region. Immediate support at 1.2240/80 region and the trendline support area, as you can see on my h1 chart below. Break below the trendline support should keep the major bearish scenario intact at least testing 1.2150 area.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was indecisive yesterday. The bias is neutral in nearest term. On h1 chart below we can see that price still moving inside a minor bullish channel (white channel) indicating upside pressure in nearest term is still potential. Break below the minor bullish channel could trigger further bearish pressure towards 1.2240 support area before testing the major bullish channel (blue channel). On the upside, 1.2450 remains the nearest upside target especially if price able to move consistently above 1.2350 area.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.2209 but closed higher at 1.2309. The bias is bullish in nearest term especially if price able to break above the descending triangle to the upside, re-testing 1.2450 region. On the other hand, another movement below the triangle and 1.2240 could trigger further bearish pressure testing 1.2150 and the lower line of the bullish channel. We are still in upside correction phase targeting the major trendline resistance (red) area. A break above the trendline resistance confirms the bullish reversal scenario indicated first by the breakout above the falling wedge formation I showed you on my last weekly summary on Saturday. Only a violation to the bullish channel could be a serious threat to the bullish correction/reversal scenario.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD bullish correction was paused yesterday. On h4 chart below we can see that price violated the minor bullish channel indicating potential bearish in nearest term testing 1.2240 support area and the lower line of the major bullish channel. I think I will stand aside for now. I have conflicting bias between nearest term (bearish) and medium term (bullish). Note that we need a movement below the major bullish channel to end this upside correction phase. Break below 1.2240 could trigger further bearish momentum testing 1.2150 area. On the upside, another consistent movement above 1.2350 – 1.2400 should keep the upside correction scenario remains strong testing 1.2520 and 1.2645 area.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD didn’t make significant movement on Friday. The bias is neutral in nearest term but we are still in bullish correction phase especially if price able to move consistently above 1.2450 area targeting 1.2520 before testing 1.2645 region. Immediate support at 1.2350 and the lower line of the minor bullish channel (red channel). Break below that area could diminish the bullish momentum, lead us into no trading zone but overall the bullish correction scenario remains intact as long as price move inside the major bullish channel (blue channel)

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, slipped below the minor bullish channel (red channel) but failed to break below 1.2240 support area before whipsawed to the upside, topped at 1.2411 and closed at 1.2388. This fact should keep the bullish correction scenario intact with nearest target at 1.2450 area before testing 1.2520/30 region. Downside risk in nearest term indicated by CCI divergence but as long as price move inside the minor bullish channel the bullish correction scenario remains strong. Immediate support at 1.2350/00 area. Break below that area could diminish the upside momentum, lead us to no trading zone in nearest term testing 1.2240 support area but overall we are still in bullish correction phase.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bullish momentum yesterday after break above the trendline resistance as you can see on my h4 chart below. This fact could trigger further bullish correction testing 1.2450 especially if price able to move consistently above 1.2350 area today. Immediate support at 1.2240/20 area and the lower line of my minor bullish channel (red channel). Break below that area could lead us into no trading zone in nearest term but as long as price move inside the major bullish channel (blue channel) the upside correction scenario remains intact.

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