FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.2175 but closed higher at 1.2249. On h4 chart below we can see that price still moving inside the bearish channel indicating the major bearish scenario remains intact but surely under significant pressure since failure to consistently move below 1.2150 support area. A violation to the bearish channel and movement above 1.2350 could be seen as potential bearish failure, at least in nearest – medium term testing 1.2450/70 area even back to 1.2671 region. On the downside, only another movement below 1.2150 could resume the major bearish scenario towards 1.2000.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was very volatile yesterday. Price attempted to push lower, bottomed at 1.2111 but whipsawed to the upside, topped at 1.2352 and closed lower at 1.2230. On h4 chart below we can see that price still move inside the bearish channel indicating the major bearish scenario remains intact but the significant downside rejection as price is getting closer to 1.2000 area could be a serious threat to the technical bearish view at least in nearest term. The bias is neutral in nearest term. I will pay attention to 1.2350 resistance and 1.2150 support area today. Break above 1.2350 could be a serious threat to the bearish scenario while another movement below 1.2150 could trigger another downside pressure testing 1.2000 but still vulnerable to another buying on dips activity as some people might see 1.2000 – 1.2100 area as a good area to start buying the Euro again.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD didn’t make significant movement yesterday. Earlier today in Asian session, price struggling around 1.2260 support area as you can see on my h1 chart below indicating critical intra-day technical phase. The major scenario remains to the downside but we need a consistent move below 1.2260 to continue the bearish pressure testing 1.2140/50 area before targeting 1.2000. A failure to do so could open the door for another upside pullback testing 1.2350 even 1.2450/70 region.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push higher on Friday, topped at 1.2452 but whipsawed to the downside, bottomed at 1.2268 and closed at 1.2306. This fact keep the major bearish scenario testing 1.2000 intact but as you can see on mt h1 chart below price still move inside the minor bullish channel indicating the bullish correction is still alive and kicking. Immediate support at 1.2260 area. Consistent move below that area could trigger further bearish pressure testing 1.2140/50 area which is a key support area that must be broken before testing 1.2000. On the upside, initial resistance is seen around 1.2450/70 area. Break above that area could trigger further upside pressure testing 1.2671 region. It is still a difficult and volatile market out there so don’t rush jump into the market and stay discipline with your own trading criteria. Plan your trade and trade your plan.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was recovered significantly yesterday, topped at 1.2393 and closed at 1.2359. I have been watching interesting reaction between Fibo retracement levels and the close price of h4 candle. As you can see on my h4 below, the last h4 candle still closed below the 38.2% Fibo retracement indicating good resistance around that level so far which keep the bearish scenario intact. However we had strong bullish momentum yesterday, so although the main scenario remains bearish, I will wait until we have a candle closed below the 23.6% Fibo (1.2274) area before thinking about short position testing 1.2140/50 region. On the other hand, if we have a candle that closed above the 38,2% Fibo (1.2350) , further bullish momentum targeting 1.2412 and 1.2472 can be expected before re-testing 1.2671 region.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bearish momentum yesterday, bottomed at 1.2167 and closed at 1.2173. I said that the candle in the circle could give us a clue, and it did. Although we saw some upside attempts, price finally going down after the candle closed below 38.2% Fibo. This fact should keep the bearish scenario targeting 1.2000 area intact. However price is already oversold so watch out for potential upside correction. Immediate resistance at 1.2250. Break above that area could trigger further upside correction testing 1.2293 and 1.2364 resistance area but I still prefer a bearish scenario with short on rallies strategy.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD failed to continue its bullish correction yesterday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating the end of the bullish correction phase and price ready to resume its major bearish scenario towards 1.2000 area especially if price able to move consistently below 1.2280/60 region. Although it’s obvious that technically this pair is set to push lower, note that the market remains tricky and still likely to have high volatility. Another intervention threat is still potential. Immediate resistance at 1.2440. Break above that area could trigger further bullish momentum testing 1.2500 region

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was traded lower earlier today in Asian session around 1.2480 at the time I wrote this comment after touched the major trendline support on Friday. On h4 chart below we can see that price is now testing the lower line of the bullish channel. Although the major scenario remains bearish, note that as long as price move in the bullish channel the bullish correction scenario remains intact and only a violation to the bullish channel can be a threat the bullish correction scenario. Also I have been watching an interesting phenomena lately where price tend to go lower in Asian session but go to the upside significantly in US session. Immediate support at 1.2440 area. Consistent move below that area could trigger further bearish pressure testing 1.2350 before testing 1.2280/60 region. Initial resistance at 1.2700 area. Consistent move above that area could be a serious threat to the major bearish scenario.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push higher yesterday, topped at 1.2443 but whipsawed to the downside, bottomed at 1.2164 and closed at 1.2201. Technically this fact opens the door for further bearish scenario testing my weekly target around 1.2000 area as I see no more significant technical support or upside correction pattern so far except price already in oversold area. In a bearish market, oversold area should only be seen as a potential correction before continue to push lower. Immediate resistance at 1.2280 area. Unless we have high impact news or data that could pause Dollar strength, I don’t expect any movement higher than that area today. However, break above that area could trigger further upside correction testing 1.2320 area but I still prefer bearish scenario at this phase with short on rallies strategy.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.2234 but closed higher at 1.2395 in a volatile market. Price was traded lower around 1.2340 at the time I wrote this comment in Asian session as bullish pressure seems to lose some momentum. However on daily chart below we have a hammer candle stick formation, which is a bullish pattern. Of course it’s too early for a bullish reversal scenario and the main scenario remains to the downside, but I never ignore any reversal/correction signal. Immediate support at 1.2320. Break below that area could trigger further bearish pressure testing 1.2230/00 area. Initial resistance at 1.2465 area. Break above that area could trigger further bullish momentum and could be an early warning of potential significant bullish correction signaled by the hammer at least testing 1.2500 key resistance area.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bearish momentum on Friday, bottomed at 1.2365 and closed at 1.2378. Technically in longer term view, this fact could trigger further bearish scenario targeting 1.2000 area this week after convincing move below the major trendline support and only a movement above 1.2500 could diminish the bearish outlook. Immediate support at 1.2280 area. Break below that area could trigger further bearish momentum targeting 1.2200 region. Initial resistance at 1.2420 area. Break above that area could trigger further upside correction but the main scenario remains bearish and I still prefer short on rallies strategy at this phase.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD had a bearish momentum yesterday, bottomed at 1.3154 but closed a little bit higher at 1.3193 and traded around 1.3209 at the time I wrote this comment. On h1 chart below we can see that price is moving in triangle formation indicating consolidation but still within a major bearish context. The bias is neutral in nearest term but the fact that price failed to continue its bullish momentum above 1.3267 – 1.3330/40 region should keep the bearish scenario intact especially if price able to break below 1.3125/15 area today testing 1.3040/50 region. On the other hand, another upside pullback above 1.3267 area could change the intra-day bias to bullish view testing 1.3330/40 region

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EURUSD

Even though it opened higher today, the euro fell during the Asian session on concern a 110 billion euro bailout package for Greece will fail to contain the region’s sovereign-debt crisis. Short-term sentiment remains bearish as the pair failed to sustain a break above the minor resistance formed by the downward trend line coming from 1.3680, currently around 1.3290. A more notable resistance is seen above 1.3290 at 1.3450 – February’s former support. Today’s decline was halted into the 1.3200 support region – formed by the 61.8% of last up leg from 1.3115 to 1.3360. If it holds, a recovery towards Friday’s close at 1.3300 may occur, but fresh selling is likely to emerge, capping the upside on minor rallies. Current quote is 1.3246 @06:10 GMT

Support: 1.3200, 1.3150, 1.3100/15 and 1.3000
Resistance: 1.3280/00, 1.3350, 1.3400 and 1.3450
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish (more…)

Daily Technical Analysis

EURUSD Outlook

The EURUSD had a moderate bullish momentum yesterday. On h4 chart below we can see that price slipped above the bullish flag but bullish momentum seems limited so far. I still prefer a bullish scenario but we need a convincing movement above the flag and 1.3700 area to continue the bullish scenario targeting 1.3830 region this week. Immediate support at 1.3580. Break below that area could be a threat to the bullish flag upside scenario and lead us back into no trading zone testing 1.3530/00 area.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.3546 but whipsawed to the upside and closed higher at 1.3612 and keep moving higher around 1.3645 at the time I wrote this comment. On h4 chart below we have a bullish flag formation indicating potential bullish scenario especially if price breakout above the flag targeting 1.3750 before testing 1.3830 area. Immediate support at 1.3610/00 area. Break below that area should lead us into no trading zone re-testing 1.3530 area.

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