Free Forex Market Analysis

Being contained by 1.3290 resistance, EURUSD pulled back from 1.3284, suggesting that a cycle top is being formed on 4-hour chart. Further decline would likely be seen later today, and next target would be at 1.3050 area. Key resistance is at 1.3290, only break above this level will indicate that the fall from 1.3486 had completed at 1.3003, then the following upward movement could bring price to test 1.3486 previous high resistance.



Daily Forex Forecast

USDJPY moves sideways below 84.17. The sideways movement is likely consolidation of the uptrend from 76.02. Support is at the lower line of the price channel on 4-hour chart, as long as the channel support holds, we’d expect uptrend to resume, and another rise towards 85.00 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the uptrend is underway, then the pair will find support around 82.50.



Forex Signals

GBPUSD remains in short term uptrend from 1.5602, the pullback from 1.5913 is likely consolidation of the uptrend. Support level is at 1.5800, as long as this level holds, uptrend could be expected to resume, and another rise to test 1.5991 previous high resistance is possible. On the downside, a breakdown below 1.5800 will suggest that a cycle top has been formed at 1.5913 on 4-hour chart, then further fall towards 1.5602 could be seen.



Daily Forex Forecast

GBPUSD’s rise from 1.5602 extends to as high as 1.5913. Further rise to test 1.5991 previous high resistance would likely be seen later today, a break above this level will signal resumption of the uptrend from 1.5236 (Jan 13 low), then next target would be at 1.6100 area. On the downside, as long as 1.5991 key resistance holds, the rise from 1.5602 could be treated as correction of the downtrend from 1.5991, another fall towards 1.5000 is still possible.



Daily Forex Analysis