FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD had a moderate bullish momentum yesterday, topped at 1.4668 and closed at 1.4648. On h4 chart below we can see that after struggle around the minor trendline resistance (red) where price cross up and down, the pair is now traded above the trendline resistance indicating bullish pressure still able to maintain it’s momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in longer term perspective, the rejection to move above 1.4850 on September 23 should keep the medium term bias remains neutral. Immediate support at 1.4610 and the trendline area (former trendline support, red). Break below that area should lead us into no trading zone as direction would become unclear.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD had a volatile but indecisive market on Friday. The pair attempted to push lower, bottomed at 1.4479 but found support at trendline support (orange), bounced to the upside, topped at 1.4646 and closed at 1.4574. The fact that the trendline support still hold should keep the bullish scenario intact. On the upside price seems to find resistance around minor trendline resistance (red). These trendlines is the key area at this phase and we need trendline break to see clearer direction. Break above the trendline resistance should trigger further bullish momentum testing 1.4720 and 1.4850 area. Break below the trendline support would have a bigger impact on longer term perspective, testing 1.4440 even 1.4280 and the bullish scenario could be in serious threat. Immediate resistance at 1.4650/70. Immediate support at 1.4575 followed by 1.4440.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD failed to continue it’s bullish momentum yesterday. As you can see on my h4 chart, although the lower line of the bearish channel still provide a support and price not yet go back inside the bearish channel, the fact that the pair is in a weaker tone is clear. That’s why although not completely a mess (since the lower line of the bearish channel still provide support), I think my yesterday’s technical view maybe not the best way to look at current situation. Fortunately, my system did not produce any buy signal yesterday. I think I will stay out from the market for now.

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Daily Technical Analysis for Forex Trading

EURUSD Outlook

The EURUSD had a moderate bullish momentum yesterday. The pair attempted to push higher, topped at 1.4672 but further upside momentum was limited as the pair closed a little bit lower at 1.4636. On h4 chart below we can see that the bearish channel has been violated to the upside and the upper line of the bearish channel now become a good support preventing further bearish pressure. Therefore, although the bullish momentum also limited now, I think the bullish scenario continuation has made a good start here after some bearish correction. The bias is bullish in nearest term targeting 1.4720. Break above that area should trigger further bullish momentum re-testing 1.4850. Immediate support at 1.4575. Break below that area should lead us into no trading zone as direction would become unclear.

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Daily Technical Analysis For Forex Trading

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.4527 but closed higher at 1.4583. Although bearish correction seems limited now, on h4 chart below we still have a valid bearish channel and the pair still able to move below 1.4595 for now, indicating bearish correction remains valid testing 1.4440 area. However price is now testing the upper line of the bearish channel and struggle around 1.4595 which could be a critical technical point at this phase. A violation to the bearish channel and failure to keep moving below 1.4595 could be a potential threat to the bearish correction and aim for 1.4720 and 1.4850 before targeting 1.5000.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD had a bearish momentum yesterday but not as strong as I had expected. Moving in a volatile market, the pair attempted to push lower, slipped below 1.4595, bottomed at 1.4563 but bounced higher at 1.4678 before closed lower at 1.4612 after Trichet’s comment. As reported by Bloomberg, Trichet said that strong Dollar is “extremely important”. I really want to see how the market react today and days ahead to this statement. Will it trigger a bearish reversal? Well, I think although that comment doesn’t necessarily trigger a bearish reversal, but at least provide some support to the Dollar. Why buying the Euro if the President of ECB prefer strong Dollar? Now let’s check on technical side.

On h4 chart below we still have a valid bearish channel so further bearish correction warning is still a live and kicking although rejection to consistently move below 1.4595 should keep bullish scenario intact. A violation to the upside of the bearish channel could potentially put the bearish correction to it’s end but for me only a break above 1.4850 should be seen as bullish continuation towards 1.5000. Immediate support at 1.4563 (yesterday’s low). Break below that area should trigger further bearish momentum targeting 1.4440 and 1.4190.

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Forex Technical Analysis Dialy 09.23.2009

EURUSD

The Euro versus Dollar pair surged to the upside to near our initial target for the intraday uptrend at 1.4875. We see in the above image that trading is within a bullish channel continuing the intraday uptrend with targets at 1.4960 yet with possibility of a slight downside correction to 1.4755 before rebounding back to the upside. The incline remains as far as 1.4665 is intact.

The trading range for today is among the key support at 1.4470 and the key resistance at 1.5135

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

Support: 1.4755, 1.4665, 1.4630, 1.4565, 1.4515
Resistance: 1.4875, 1.4900, 1.4965, 1.5000, 1.5075

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4755 to 1.4875 and stop loss below 1.4665 might be appropriate.

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Forex Technical Analysis for Major Currencies :

EURUSD

The Euro versus dollar pair confirmed the exit from the ascending channel as seen in the above image, changing the intraday trend to the downside confirmed by momentum indicators that have given bearish signs. The medium and short term trend are still to the upside yet on the intraday basis, the pair needs to correct to the downside targeting the 23.6% correction for the ascending channel at 1.4630 and perhaps extend to the 38.2% correction at 1.4540. Trading below 1.4740 is vital for the decline to remain intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4985

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

Support: 1.4650, 1.4630, 1.4565, 1.4540, 1.4465
Resistance: 1.4715, 1.4740, 1.4810, 1.4880, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.4695 to 1.4565 and stop loss above 1.4740 might be appropriate.

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Forex Technical Analysis for Major Currencies :

EURUSD

The Euro versus Dollar pair touched the key support for the short term ascending channel currently at 1.4705 as seen in the above image. The daily close above the previously breached key resistance at 1.4715 keeps the uptrend valid therefore we expect the pair is to incline on the intraday basis targeting 1.4875 as an initial target as far as 1.4650 remains intact. We may witness volatility around the mentioned support in an attempt to gather bullish momentum.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4985

The general trend is to the upside as far as 1.4135 is intact with targets at 1.6000

Support: 1.4705, 1.4650, 1.4610, 1.4565, 1.4515
Resistance: 1.4765, 1.4810, 1.4875, 1.4910, 1.5000

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4705 to 1.4875 and stop loss below 1.4610 might be appropriate.

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Forex Technical Analysis for Major Currencies :

EURUSD

The Euro versus Dollar pair corrected to the downside to build a base at 1.4655 before rebounding to the upside and near our suggested target at 1.4765. Trading within a minor bullish channel as seen in the above image is continuing the short term uptrend where it is expected to face a resistance at 1.4875. The upside trend remains as far as 1.4650 is intact with targets at 1.4875 and 1.5000

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4985

The general trend is currently to the downside as far as 1.4725 remains intact with targets at 1.2120

Support: 1.4705, 1.4650, 1.4610, 1.4565, 1.4515
Resistance: 1.4720, 1.4765, 1.4810, 1.4875, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4705 to 1.4875 and stop loss below 1.4610 might be appropriate.

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Forex Technical Analysis for Major Currencies :

EURUSD

The Euro versus Dollar pair reached our suggested target yesterday at 1.4685 as it maintained trading around this level where we believe the pair is to gather bullish momentum to relieve indicators. We may witness slight volatility with a downside correction to reach 1.4640 before rebounding back to the upside on the intraday basis targeting 1.4865 as far as 1.4545 is intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4865

The general trend is to the downside as far as 1.4725 remains intact with targets at 1.2120

Support: 1.4640, 1.4585, 1.4515, 1.4465, 1.4410
Resistance: 1.4700, 1.4720, 1.4765, 1.4865, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4640 to 1.4765 and stop loss below 1.4545 might be appropriate.

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Forex Technical Analysis for Major Currencies :

EURUSD

The Euro versus Dollar pair neared the awaited resistance at 1.4675, yet failed to maintain its bullish momentum resulting in a downside correction before attempting to head towards it. Trading is currently near the 23.6% correction and we expect further declines towards the 38.2% correction at 1.4465, before rebounding back to the upside on the intraday basis targeting 1.4685. The stochastic indicator is entering an oversold area, which supports our overview and is confirmed as far as 1.4360 is intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4865

The general trend is tot the downside as far as 1.4725 remains intact with targets at 1.2120

Support: 1.4530, 1.4465, 1.4410, 1.4360, 1.4320
Resistance: 1.4610, 1.4685, 1.4725, 1.4765, 1.4865

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4465 to 1.4610 and stop loss below 1.4360 might be appropriate.

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Forex Technical Analysis for Major Currencies

EURUSD

The Euro versus Dollar pair was able to rebound from 1.4515 to maintain trading around 1.4600. There still are chances for an incline today towards 1.4675, where we expect a slight downside correction from these levels to take the pair to 1.4560 – 1.4490. We will watch the price action carefully after the correction to determine the pair’s trend, yet we believe it is to continue the short term trend towards 1.5000. The incline remains as far as 1.4360 is intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4865

The general trend is to the downside as far as 1.4725 remains intact with targets at 1.2120

Support: 1.4515, 1.4460, 1.4410, 1.4320, 1.4300
Resistance: 1.4675, 1.4725, 1.4765, 1.4865, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.4675 to 1.4560 and stop loss above 1.4765 might be appropriate.

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EURUSD Outlook
The EURUSD continued it’s bullish momentum yesterday, hit long target at 1.4590, topped at 1.4599 and closed at 1.4563. On h1 chart below we can see that the bullish momentum was driven by breakouts while price forming a bullish channel (blue). The outlook remains bullish with 1.4719 as potential bullish target, but the bias in nearest term is neutral. Watch out for downside corrections as CCI about to cross the 100 line down on h4 chart. Immediate support at 1.4530 followed by 1.4446. Initial resistance at 1.4599 (yesterday’s high). Break above that area should trigger further bullish momentum targeting 1.4719 area.

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Forex Technical Analysis for Major Currencies

EUR/USD

After 1.4375 resistance proved its resilience yesterday, the euro versus the dollar reversed sharply to breach the key support level at 1.4250, and declined further due to the formation of a bearish technical pattern at that level. The pair remains above major support levels – 61.8% Fibonacci correction, in addition to the key support for the ascending channel – which keeps the short term upside trend intact; we expect the reversal to be between 1.4170 and 1.4135; the first target is breaching 1.4375, and then further towards 1.4650. Trading above level 1.4135 is vital in maintaining the pair’s upside trend.

The trading range for today is among the key support at 1.4020 and the key resistance at 1.4620.

The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120.

Support: 1.4170, 1.4135, 1.4100, 1.4070, 1.4000
Resistance: 1.4250, 1.4300, 1.4375, 1.4430, 1.4475

Recommendation: Based on the charts and explanations above our opinion is buying the pair from 1.4170 To 1.4375 and stop loss below 1.4100, might be appropriate.

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