Forex4you's Blog (405)

EUR/USD: Technical Analysis

Forecasts, expecting further decline to 1.3040/00 level confirmed. The price is currently testing 1.3000 support, mentioned earlier as the key barrier on the way down. Indicators are "bearish", so the above mentioned level may be breached anytime soon. If it happens, we'll have good reasons to anticipate a medium-term reversal down with the next targets found at 1.2900/10 and then at 1.2830/40 level. It's also worth noting, that the…

EUR/USD: Technical Analysis

The price failed to hold above 1.3300 level, so the price stayed within 1.3300- 1.3250 consolidation range. Trading is currently carried out at 1.3270/80 level. Indicators are neutral, suggesting further range trading with a possible extension of current consolidation range down to 1.3200/1.3190 levels. At the same time, the uptrend is still considered to be dominating and growth to 1.3420/30 targets is also possible. 1.3040/00 support…

EUR/USD: Technical Analysis

The EUR/USD has rallied to the underside of a major multi-month down-sloping channel where it has encounter resistance and is currently pulling back. The correction will probably fall to the support at 1.3220 and then perhaps the top of the range at 1.3180 - if it is a strong move. However, the recent breakout from the consolidation has still not met its target at 1.3335, where other resistance is also clustered and eventually I see a rally…

EUR/USD: Technical Analysis

The EUR/USD broke out of its range and rose yesterday and now it is consolidating and will probably pull-back to the range highs at 1.3220 and possibly to 1.3150 thereafter if the correction gathers strength. After that the move up will probably resume with the price objective for the breakout from the box at 1.3615, which is the same level as the upper channel line, although strong resistance at 1.3340 from pivots could cap gains…

EUR/USD: Technical Analysis

Earlier forecasts, expecting 1.3040/30 support level to halt the "bearish" movement and push the price back to 1.3210/20 – 1.3080/90 consolidation range confirmed, so the price now resides at 1.3130/49 level. Indicators are unclear, suggesting rising uncertainty in the market. 1.3080/70/1.3040/30 support levels breakouts will be a signal to anticipate further downtrend towards 1.3000 and then to 1.2900 level. 1.3230/20 resistance breakout…

EUR/USD: Technical Analysis

Earlier breached uptrend (green) line held back the price from going back to the channel's sector. Trading declined below 1.3150/40 support, but the price is currently attempting to ascend again. Trading is carried out at 1.3160/50. Indicators seem to be more "bearish", although they are moving horizontally, suggesting further sideways movement within 1.3210/20 – 1.3080/90 range. 1.3080/70 support breakout will indicate strong "bearish"…

EUR/USD: Technical Analysis

The price managed to ascend above 1.3150/40 level, but 1.3210/15 line hindered further growth, so the price is now likely to retrace back under 1.3150/40 support. Indicators are turning down, giving more reasons to anticipate a reversal down. If the pair continues to decline and the price tests earlier breached uptrend (green) line as a resistance and pulls back, we'll be expecting a highly possible reversal. 1.3080/70 support breakout will…

EUR/USD: Technical Analysis

The price failed to rise above 1.3210\20 level, so it retraced back down and breached a short-term uptrend (green) line. Having plunged to 1.3020/30 level, the price is now attempting to recommence growth. Trading is carried out at 1.3090/1.3100 levels. It's worth noting, however, that indicators suggest a reversal down and the fact that the above mentioned trend line has been recently breached proves that the "bullish" potential is…

EUR/USD: Technical Analysis

The exchange rate has resumed its rally, however, it seems to be topping now and there is a possibility that it could fall from here, setting up a head and shoulders pattern as it completes the right shoulder. If so, then I would expect to see some downside to the lower channel line and the monthly and weekly pivots supporting 1.3115, then from a possible break of the neckline and down to the 1.29s. A continuation higher is less likely but…

EUR/USD: Technical Analysis

Level 1.3140/50 held back the "bulls", like expected, but not for a long time. The price went further up, tested 1.3220/30 level, which turned out to be a strong resistance, and pulled back down to level 1.3140/30, where trading is being currently carried out. Indicators are turning more down, suggesting further decline, most likely to 1.3100 or even lower, to 1.3080/70 level. However, present pullback should be considered a correction…

EUR/USD: Technical Analysis

The EUR/USD has broken out of its ascending channel and has formed a bearish head and shoulders pattern. If it falls below the key 1.2950 then it will open the way to a drop to at least 1.2850 where a strong level of support exists which includes the weekly pivot and the target from channel breakdown.…

EUR/USD: Technical Analysis

The completion of various targets and double top forming indicate potential weakness and a possible break to the downside on the horizon. If the exchange rate falls below the swing lows at 1.2988 it will probably run down to 1.2960 at least, if not possibly further, but there it will probably stop because of support from the trend-line of the whole corrective move. Upside is currently limited by the weekly pivot and targets having been met…

EUR/USD: Technical Analysis

There is a general upside bias because of the strong support at 1.2850 and the unfinished elliot wave pattern higher. A break of the high at 1.2950 would lead to a rally and re-touch of the recent highs at 1.2985 -and then perhaps even further upside to the 200 - 4-hourly MA at around 1.3000 – which is also a key psychological level. If the pair falls however, then it could drift down to support at 1.2850 instead, with a possible resumption…

EUR/USD: Technical Analysis

I remain stubbornly bearish on EUR/USD despite the counter-trend rally continuing and making new highs above 1.2900. There is strong resistance on the monthly chart and the recent range highs, and marked divergence on MACD so a resumption of the down-trend is probable, with support at 1.2780 as the next target.…

EUR/USD: Technical Analysis

The EUR/USD has rallied up to resistance from the upper channel line of the bearish trend at 1.2785. It has also hit the sideways consolidation highs and the final move higher resembles an elliot 5th wave indicating the possibility of some downside to follow. Although the market hasn't reversed yet there are quite a few negative signals and a move down is expected. The base line of the consolidation and the swing lows at 1.2690 and below at…

EUR/USD: Technical Analysis

The price declined below 1.2780/70 level, triggering a reversal of the "bearish" sentiment on the last session. Trading slipped to its local minimums and then even lower, reaching 1.2630/20 levels. At the moment we observe a pullback up, the price resides at 1.2670/80 level. Indicators are unclear, suggesting uncertainty in the market, which is very likely to result in another correction to recent growth, followed by a possible pullback up,…

EUR/USD: Technical Analysis

The price breached 1.2810 resistance. Level 1.2850/60 is currently holding back the price from further growth, trading is carried out at 1.2840/50. Indicators are mostly "bullish", which gives reasons to anticipate another ascension. It's worth noting, however, that the price now resides around significant resistance levels, which are strong enough to halt further upward movement. If trading falls below 1.2780/70 line, market sentiment will…

EUR/USD: Technical Analysis

The “bearish” attempt to continue a down trend ended up at the old minimum. Reaching 1.2660/65 level, the price pulled back up and now resides at 1.2720/30 levels. Indicators are turning up, suggesting “bullish” development; MACD divergence seems to have commenced, which gives reasons to be cautious about the “bearish” strength and consider a possibility of reversal up, that may be triggered by today’s political news and ECB interest rate…

EUR/USD: Technical Analysis

The counter-trend rally in EUR/USD is extending, although gains seem to be capped at 1.2800 where resistance from the lower line of the wedge pattern continues to stifle upside. There seems to be some underlying strength in the correction and it is too early to indicate further downside yet, although a bear move to the lows at 1.2665 is entirely possible.…

EUR/USD: Technical Analysis

The price approached 1.2800 resistance level and pulled back down. Trading is now carried out at 1.2745/50 level. Indicators have turned from "bearish" to neutral, suggesting further consolidation within 1.2810 – 1.2670/40 range, like expected. Earlier forecasts are still relevant - if 1.2810 level is breached, the next stop will take place at 1.2850/60 resistance. Medium-term outlook looks "bearish", the next target is likely to be found…