Forex4you's Blog (405)

EUR/USD: Technical Analysis

The EUR/USD pair has been making a correction of the bear trend, in what might be classed an elliot wave 4th wave. There are signs of short-term resistance from the daily R1 pivot at current highs which could indicate the possibility of wave 5 beginning and falling to re-touch the lows at 1.2665 as a minimum. Overall the outlook is for some sideways consolidation, however, over the next few days as the current cycle completes.…

EUR/USD: Technical Analysis

The EUR/USD is consolidating at the lows which might indicate a correction in prices. Wave analysis points to the possible completion of a cycle at the current lows and a rebound possible. Strong momentum convergences and an inverted H&S on RSI also indicate there may be a bounce, and 1.3000 provides the first target. The overall trend is still down, however, and it could resume at any time and if there is a break down it could target…

EUR/USD: Technical Analysis

The EUR/USD is forming a base which looks like an inverted head & shoulders pattern and could indicate a correction in prices to come. Strong momentum convergences are also signalling a possible bounce – with a target at the channel line at 1.2970. The overall trend is still down, however, and it could resume at any time with a target at the 1.2855 lows, where the monthly pivot supports. The mix of evidence could also point to a…

EUR/USD: Technical Analysis

The price reached 1.2900 target, mentioned in the previous analysis. The "bears" are now making attempts to breach this support. Trading is being carried out around 1.2910/15 levels. Indicators suggest a downtrend, so the "bearish" attempts have all chances to turn out successful. If the barrier is breached, the next target will be found at 1.2800/20 level. On the other hand, the price has recently approached its yearly minimums, which…

EUR/USD: Technical Analysis

Eurodollar is still meandering in a tight consolidation zone. A small rally this morning did however reach resistance from the trend-line at 1.3080 and this could push the exchange rate back down to the range lows at around 1.3030, given the overall downside bias. No major moves are expected until volume picks up after the Christmas break.…

EUR/USD: Technical Analysis

The corrective pull-back this morning has signalled a short-term reaction. Despite a bigger picture which remains bearish the current rally may still go a little higher, to perhaps either 1.3085 or if particularly strong then the cluster of pivots and resistance levels at 1.3150. After that the broader down-trend should resume, with the old lows at 1.2950 targeted eventually.…

EUR/USD: Technical Analysis

Eurodollar is still moving within a range although the bias is turning to the downside. Whilst it has just fallen down another level at the time of writing and reached support at 1.3680 there is still insufficient evidence to support a bearish break down yet. A break of the current levels would, however, be key in opening the door to the next target at 1.3480. If eurodollar recovers, on the other hand, then in the short term it will…

EUR/USD: Technical Analysis

Eurodollar has bounced sharply and it will probably continue rallying until it has reached resistance from the R1 pivot and the recent highs at 1.3835 – with to 50% fib line at 1.3925 as the next target if it continues. This is probably a counter-trend correction, however, and the pair should eventually roll-over and begin a new wave formation down, which should surpass the 1.3607 lows and probably reach channel-line support at 1.3535…

EUR/USD: Technical Analysis

Eurodollar has bounced sharply and it will probably continue rallying until it has reached resistance from the R1 pivot and the recent highs at 1.3835 – with to 50% fib line at 1.3925 as the next target if it continues. This is probably a counter-trend correction, however, and the pair should eventually roll-over and begin a new wave formation down, which should surpass the 1.3607 lows and probably reach channel-line support at 1.3535…

EUR/USD: Technical Analysis

Earlier forecasts, expecting further sideways consolidation, confirmed. Having escaped from the consolidation range, the price continued its decline, so it now resides around 1.3990/1.4000 levels. Indicators have turned down, except for  SS, which gives reasons to consider further growth possible. If  1.3920/00 support is breached, we’ll be anticipating a reversal down. On the other hand, the bullish potential is still strong, so…

EUR/USD: Technical Analysis

Eurodollar's bounce has stalled. There is also a slanting H&S pattern at the highs. If the pattern breaks through its neckline it could reach support at 1.3200 or even the former lows at 1.3155 . However it is equally possible the rally could continue higher with the former highs at 1.3368 targeted at first and then the R1 pivot at 1.3430.…

EUR/USD: Technical Analysis

The euro-dollar could bounce after finding support from an old trend-line from the May highs. Both momentum indicators are over-sold but there are no other major reversal signs yet. A small double-bottom on the 10 minute chart on the S2 daily pivot may start the counter trend rally, with the first upside target at 1.4170 and then if it extends to fill the gap a continuation to the upper channel line of the descent at 1.4205. A deeper…

EUR/USD: Technical Analysis

The euro-dollar has continued falling. It seems to have slowed at the 1.4220 level and formed a loose double bottom formation. There is marked convergence with momentum at the lows. There are indications of a possible imminent rise in the exchange rate. This might reach the 1.4290 – 1.4300 level. After that the larger trend down could resume, targeting 1.4150 next.…

EUR/USD: Technical Analysis

The price breached  1.4450/60 support line, stopped at 1.4385/90 level – the uptrend (red) line and then retraced upwards.  At the moment it’s testing previously breached support level, this time as a resistance, which gives reasons to consider a possible change of market sentiment towards the bearish. Everything depends on which way the trading will move now – if it fails to ascend above 1.4550/60 level, the bearish chances to make a…

EUR/USD: Technical Analysis

1.4550/60 resistance has halted growth, so the price is currently retracing back downwards. Trading is being carried out at 1.4460/50 support level, mentioned previously as the "signal" for reversal of the bearish sentiment in the market. Indicators are turning down again and if level 1.4450/60 is eventually breached, the "bulls" will have less chances to continue their trend and the price will most likely commence a new downward…

EUR/USD: technical update 

The EUR/USD pair is descending in a channel from the highs achieved yesterday. It has reached support at 1.4390 where it is currently consolidating. If it falls further it may reach the lower channel line at 1.4335; a recovery rally on the other hand is also quite possible given the larger trend for the week has been up, and this might revisit the 1.4500 highs, in a final Elliot 5th wave higher.



Analysis by: Joaquin Monfort…

EUR/USD: technical update 

The EUR/USD pair is descending in a channel from the highs achieved yesterday. It has reached support at 1.4390 where it is currently consolidating. If it falls further it may reach the lower channel line at 1.4335; a recovery rally on the other hand is also quite possible given the larger trend for the week has been up, and this might revisit the 1.4500 highs, in a final Elliot 5th wave higher.



Analysis by: Joaquin Monfort…

EUR/USD: breaking higher 

The EUR/USD pair is trading in a channel down from the highs made on the 15th. It has just rallied up to the upper line of the channel and is pushing up against it trying to break through the resistance and go higher. If it succeeds it could revisit the top of the range at the 1.4450 highs; if it fails then it is possible it could fall back down to the bottom of the channel at the 1.4310 level.

Analysis by: Joaquin Monfort…

AUD/USD: pennant still forming

The aussie reached the 50% retracement level at the 1.0500 highs as predicted and then began falling. Currently it is in a correction of the move down which will probably go higher, perhaps to 1.0450. From there it is likely the exchange rate will roll over and continue lower, at least matching the 1.0410 lows, if not further, if the main downward trend reasserts itself and the pennant we have been monitoring triggers.…

EUR/USD: trading in range 

The EUR/USD exchange rate is trading within a range and it has recently bounced from the lows and begun climbing till it has found resistance at the monthly pivot at 1.4237. It is possible it could resume its descent with the lows at 1.4125 targeted again, but a break above the pivot would indicate the probability of a rally to 1.4295 and then 1.4400. ADX is at record lows of 12.29 indicating the likelihood of a breakout on the horizon and a phase of strong…