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EUR/USD: Technical Analysis

Eurodollar is forming reversal patterns at the lows which could indicate a bounce if confirmed. A hammer is forming on the daily and 4-hr charts. The measuring gap target at 1.2730 has been reached; the weekly pivot is supporting and not far below is the rarely touched S3 monthly pivot. There is further support from old trend-lines on the 50 pip and 10 pip point and figure charts. A bounce higher would probably reach resistance at 1.2810…

EUR/USD: Technical Analysis

Eurodollar has bounced off the monthly pivot at the 1.2820 level and begun rising sharply. This is probably a short-covering rally before the larger down-trend resumes. We could see it rise up to the consolidation level at 1.2925/35 and then roll-over. After that, the major down-trend should push the pair lower and reach the target from yesterday's measuring gap at 1.2730, before probably retouching the 1.2625 lows.…

EUR/USD: technical analysis

The price kept on consolidating within earlier reached minimums. If trades escape from the bearish flag, which is currently being formed, the price will most likely drop towards 1.3060 support and then to 1.3000 level. Indicators say in favor of such scenario. As for the current session, it's worth taking into account the US upcoming employment report, which can become a significant driver for the market. Therefore, we suggest being careful…

EUR/USD: technical analysis

Yesterday's move down was strong and I think it is likely there will be a continuation lower to the support level and H&S neckline at 1.3000. However, at the moment the pair has consolidated on the 50-day moving average and it may bounce higher to 1.3200 before any resumption of the down-trend, as momentum looks poised for a bounce and the hourly candlesticks turn more bullish.…

EUR/USD: Technical Analysis

The eurodollar pair has fallen in another leg lower after reaching the 1.3285 highs yesterday. It will probably continue lower to a lower channel-line at 1.3150 where it may consolidate - or recover perhaps to 1.3200. A deeper sell-off might see us retest the neckline of the large head & shoulders pattern on the daily chart, and a break below that would see us well on our way into sub one-thirty territory.…

EUR/USD: Technical Analysis

The eurodollar pair has corrected 61.8% of the previous down move in early April and it could be about to resume its major down-trend. It is falling, but whether this is a short term correction or part of a bigger sell-off is too early to say. It will probably continue lower until it gets to 1.3208 at the lower channel line, where there is also support from the 50-day moving average. From there it may either recover to the top of the…

EUR/USD: Technical Analysis

Eurodollar has found support from the 50-day moving average and begun rallying. Currently it has reached the 1.3210s at the upper line of the down-sloping channel on the hourly chart, where it is consolidating before its next move. It will probably continue higher and reach its target at 1.3265 with upside eventually capped at another trend-line at 1.3295. A move down would target the lower channel line at 1.3150.…

EUR/USD: Technical Analysis

The rally in the euro has risen even higher defying forecasts that it would fall. The move must now still be a correction of the bear move from the early April highs rather than a new wave down as I originally thought - despite the apparently over-extended wave count. The correction has reached back a Fibonacci 61.8% of the previous move, and has put in a 2-bar reversal candlestick pattern on the hourly chart; in addition momentum is…

EUR/USD: Technical Analysis

Eurodollar has risen from the 1.3100 lows and now reached the 1.3170s. There is the possibility of some more upside to just shy of 1.3200 which would result in wave equality, but there are lots of bearish signals too. We are at the 61.8% fibonacci retracement of the previous down-move and an obvious place for the rally to stall; there is a shooting star on the hourly and we have reached the 50-day MA, as well as the 200-4hr. It is quite…

EUR/USD: Technical Analysis

Eurodollar has probably completed its corrective phase and there is a very good chance it could be beginning a new cycle down, with eventual targets below the previous 1.2995 lows. One possible Elliot count could be to view Friday's rally as completing a double zig-zag correction, with the way now open to the initiation of a new impulse down. Today's strong bearish move could be the beginning of that impulse. There is support from the…

EUR/USD: Technical Analysis

The eurodollar pair completed its upside correction and then began falling as expected. At the same time a head and shoulders pattern broke its neckline and the exchange rate also pierced through major support at 1.3105. It will probably move down to reach the H&S target at 1.3040, however after that there is the possibility of a bounce as downside has been a little weak so far and it is possible the new cycle lower hasn't begun yet.…

EUR/USD: Technical Analysis

Earlier concerns, that 1.2770/90 support might turn out to be a strong barrier, confirmed - the price pulled back up and now resides at 1.3140/30 levels. Some indicators have turned up, but SS keeps on to decline, suggesting to consider current growth a correction to the recent decline. The situation looks rather unclear. Medium term bearish sentiment is now dominating, so we expect another decline towards the next targets at 1.2870/80,…

USD/JPY: Technical Analysis

The move down in the USD/JPY reached support at Wednesday's lows and then bounced. Now the bounce has stalled at the lower channel line and the the 38.2% fibonacci line. Normally, given the overhead resistance and the bearish bias I would expect more downside, however, the combination of support just under at 80.80 – from both the weekly and the monthly pivots stand in the way of a deeper sell-off. If the move higher continues and breaks…

EUR/USD: Technical Analysis

The price keeps on consolidating within previously formed sideways range. The pair's picture hasn't changed significantly - indicators are still "bearish", but they now seem to become more neutral. Earlier forecasts still apply, so it's worth expecting further decline towards 1.2970/80 support range and then to 1.2870/80 and 1.2750 levels. Should the price rise and hold above 1.3290/1.3300, it'll be considered as a signal for reversal…