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EUR/USD: Technical Analysis

The EUR/USD is consolidating after finding support in the 1.41 area at a major trendline. A break of the trendline at perhaps 1.4070 could lead to an acceleration of the downtrend. However the last leg down was not strong and it is possible the exchange rate could rise instead. There is a possible inverted H&S price pattern forming at the lows, with a neckline at the 1.4220 highs and a break of this could lead to a rally up to…

EUR/USD: Technical Analysis

After yesterday's dramatic sell-off there has been a little bit of a consolidation in EUR/USD, which has bounced and is showing potential to go higher given the convergence with momentum, and it could reach 1.4175 if it continues. Overall, however, the bias is still down and the 0.001x3 point and figure chart is showing a target of 1.3830, although, a closer target would be the 1.4000 level which is key and of which a break below would…

EUR/USD: Technical Analysis

The counter-trend rally which almost reached 1.4500 yesterday has broken down overnight and the exchange rate has resumed its down-trend. It formed a channel and then broke through the bottom on rising momentum and volume is still high indicating strenght in the sell-off. It will probably go further possibly to the old lows at 1.4320 which is also where the most reliable downside point and figure (p&f) count is targeting. It could…

EUR/USD: Technical Analysis

The counter-trend rally in the EUR/USD pair is still unfolding and will probably go higher as there has just been a trendline break and there are no signs of weakness in the rally yet. There is an eventual target of 1.4540 established from a count at the lows on the point and figure chart below. At a similar level is the old neckline of the H&S top which would be expected to offer resistance. After the rally terminates the pair…

EUR/USD: Technical Analysis

The EUR/USD fell dramatically last week but has consolidated at an important support and resistance line at 1.4332, which also happens to be the base of the Ichimoku cloud. The correction, which could be an Elliot wave 4 will probably go higher, reaching resistance at the 50-day MA at 1.4420, although thereafter the outlook remains bearish and it will probably resume its descent, targeting support and resistance at 1.4250 initially,…

EUR/USD: Technical Analysis

The price breached the uptrend channel (red) line and support at level 1.4560, giving reasons to expect the beginning of a medium-term downtrend. Trading has already dropped to 1.4480 and is currently approaching to a significant  1.4460/30 support, which stands halway down. If the price falls and holds below this barrier, it'll then, according to the previous forecasts, be a final signal for the "bearish" victory and the beginning of…

EUR/USD: Technical Analysis

The price fell to level 1.4560/70, met a strong support there and pulled back to 1.4630/40 level. Indicators have turned down, but it's worth considering that SS is currently being overbought, which gives reasons to be cautious in this instrument and not to make final conclusions in favor of the bearish trend. Moreover, the price still resides within the uptrend (red lines) channel, so the "bulls" still have their leading positions in…

EUR/USD: Technical Analysis

Growth continued, the price reached a new local maximum at level 1.4695. At the moment trading is carried out a little bit lower, at level 1.4670/80. Indicators are turned up, but currently formed MACD divergence suggests to consider a stop and a pullback downwards, or maybe even a reversal. However, previous forecasts may still confirm - target still stands at 1.4860/70 level, strong 1.4790/70 resistance on the way up has all chances…

EUR/JPY: Technical Analysis

The EUR/JPY pair is rising in a wedge shaped channel. It has just completed the 'C' wave and is possibly descending in a 'D' wave with an eventual target of 115.35 at a support line below. On the 0.1x3 point and figure (p&f) chart it has just broken a rising trendline and may be breaking out of a fulcrum reversal pattern. The downside target from the highs is also 115.30. There is a strong resistance line at the monthly pivot at…

EUR/USD: Technical Analysis

The EUR/USD pair is rising after touching channel support at the 1.43 lows. It has been trending up quite strongly but has now reached resistance at 1.4430 from a combination of the monthly pivot and the point and figure count on the 0.0005x3 chart. Weakness would lead to a fall back to 1.4370 first and then the 1.4360 lows.…

EUR/USD: Technical Analysis

The EUR/USD pair is pulling back after its recent rally. It will probably fall as far as support from the support and resistance level at 1.4370 and a channel line at the same level. After that it should resume its uptrend, possibly matching the recent highs at 1.4450.…

EUR/USD: Technical Analysis

 

After yesterday's pullback, the EUR/USD shot up today reaching the 1.44s. There is now considerable resistance overhead and the exchange rate will probably fall back down to support at 1.4370 before possibly making another move higher. The point and figure 0.001x3 chart gives a target of 1.4670 – but there is a support and resistance level at 1.4530 and the channel line at 1.4450 which provides a nearer term…

EUR/USD: Technical Analysis

The price kept on ascending up to 1.4330/40 resistance - 38.2 fibo from 1.4940 level. And at the moment its making attempts to test this barrier, after it has failed to breach it and pulled back downwards. So it now resides at 1.4290/80 level, ready for another attack. Indicators say in favor of further growth, which gives enough reasons to expect the "bullish" scenario to commence - on case 1.4330/40 level is breached, we'll be…

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EUR/USD: Technical Analysis

The EUR/USD pair is still rising in a counter-trend rally. Given the trendline break today a continuation higher is probable, with a target at resistance at 1.4340. A drop, however, could find support at 1.4135. There are no active counts on the point and figure charts indicating a possible balance of forces and the onset of a consolidation move.…

EUR/USD: Technical Analysis

The EUR/USD has contiued correcting the previous wave down and rallied higher, reaching almost 1.4200 after breaking above the 1.4092 level as forecast. There is a point and figure target higher at 1.4230, which could be reached but nothing above that. The uptrend seems neither particularly weak nor strong so it could continue higher or begin reversing. The correction as a whole has returned 61.8% of the previous decline, it has just…

USDCAD

The Loonie keeps on the rise and made new highs last week, reaching the middle line of the weekly Bollinger bands with a 61.8% Fibonacci retracement, while breaking the previous week highs and rising to the daily SMA100 from which it was mildly rejected. As of now, the price has broken that level and continues heading towards the daily SMA200…

USDJPY

The Dollar-Yen has been slowly but steadily climbing along the last two weeks and reached a strong resistance area in the 38.2% and 50% daily Fibonacci retracement levels, with the confluence of both SMA34 and SMA100 and the SMA200 just above. On the weekly charts we have the middle line of the Bollinger bands and the SMA34 also in…