FOREX TRADING

EURUSD

Extends near-term recovery phase off 1.1875, 2010 low, posted 07 Jun, with fresh high of 1.2468 reached earlier today. A higher platform at 1.2350 now underpins advance for a push to 1.2525/1.2560. Under 1.2350/39 would shift focus lower and expose 1.2240, 17 Jun low.

Res: 1.2415, 1.2454, 1.2485, 1.2525
Sup: 1.2350, 1.2339, 1.2315, 1.2240

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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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EURUSD

Recovery off 1.1875, 07 Jun annual low, breached 1.2352 resistance yesterday, to open 1.2454/1.2485, 28 May high/76.4% retracement of 1.2671/1.1875 descend. 1.2345/39 should now underpin advance, while key support now stands at 1.2240, yesterday’s low, and break below here to signal bear resumption.

Res: 1.2415, 1.2454, 1.2485, 1.2525
Sup: 1.2339, 1.2316, 1.2240, 1.2214

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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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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push higher yesterday, topped at 1.2297 but closed lower at 1.2219. The bias is neutral in nearest term. We are still in upside correction phase but still within the context of a major bearish scenario. I divide this bullish correction into two phases, the minor (red channel) and the major (blue channel). Break below the minor bullish channel could trigger further bearish pressure testing the major bullish channel but as long as the major bullish channel hold the upside correction remains intact. On the upside, as a result of the latest price action, I have a new trendline resistance (white). Break above the trendline could trigger further upside scenario targeting 1.2350 before testing 1.2450 region. Immediate support at 1.2150. Break below that area could trigger further bearish pressure testing 1.2050 – 1.2000 region.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bullish correction earlier today in Asian session. On h4 chart below we can see that price break above the trendline resistance indicating potential further upside correction testing 1.2230 before targeting 1.2325/50 even 1.2450 this week but the major scenario remains bearish. The tricky thing is that we have a gap between Friday’s close price (1.2093) and today’s open price (1.2118). Gaps are oftenly filled so a downside movement back towards 1.2093 should not be a surprise too, but as long as price still move in the bullish channel (blue channel), we are still in upside correction phase. Only a movement below that bullish channel and below 1.2000 could potentially end the upside correction and continue the major bearish scenario towards 1.1800 and 1.1600 area.

GBPUSD Outlook

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Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bullish correction yesterday. On h1 chart below we can see that price is ready to test the minor trendline resistance indicating critical technical point at this phase. A break above the trendline and consistent move above 1.2150 resistance area could trigger further recovery testing 1.2325 region. On the bearish side, we have a rising wedge formation indicating potential bearish view especially if the formation violated to the downside testing 1.2000 and the lower line of the bullish channel. Note that we still need a violation to the bullish channel to end this upside correction phase.

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