Technical Analysis Commentary

EURUSD Forecast: Testing 1.4595 support
The EURUSD failed to continue it's bullish momentum yesterday. The pair attempted to push higher, topped at 1.4801 but whipsawed to the downside, closed lower at 1.4660. On my h4 chart below we can seen that the price break below 1.4670 support area and now ready to test the key support level at 1.4595 area. The situation is really tricky now. Although we have serious threat to the current bullish outlook, I think it's too early for a bearish reversal scenario. Today I will pay attention to any reaction around 1.4595 area. Break below that area could be seen as bullish failure while rejection and bounce around that area should keep the bullish scenario intact and give us a good opportunity to ...

EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.4842 but further bullish momentum was rejected as the pair whipsawed to the downside, closed at 1.4690. On h4 chart below we can see that after break below 1.4766, the pair is now testing 1.4670 area and has slipped below the bullish channel. We are in no trading zone now, but I still prefer a bullish scenario and see this bearish momentum just as normal correction, at least for now. Break below 1.4670 should trigger further bearish pressure testing key support area around 1.4595. Only movement below 1.4595 could be seen as potential threat to the bullish scenario. The bias is neutral in nearest term and I think now is not the best time to trade and short position ...

EURUSD Forecast:
The EURUSD made a significant bullish momentum yesterday. On h4 chart below we can see that after breakout above the trendline resistance (red) price had a bullish momentum, topped at 1.4820 and closed at 1.4788. The rising wedge formation is no longer valid and the bearish reversal scenario has been canceled. The bias is bullish in nearest term targeting 1.4880 area before aim for 1.5000 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 1.4766. Break below that area could lead us into no trading zone as the pair might rebound lower towards 1.4670 but the outlook remains bullish and short position is not recommended.

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EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.4610 but further bearish pressure was rejected as the pair closed higher at 1.4676. We are in downside correction (consolidation) phase but the pair is able to stay above 1.4630 support area so far. I still prefer bullish outlook and short position is not recommended at this phase. On the upside, as you can see on my h4 chart below, the minor trendline resistance (red) could be a critical technical area. A breakout to the upside should trigger further bullish momentum targeting 1.4867 area. On the other hand, failure to move above the trendline resistance could trigger further bearish correction re-testing 1.4630/10 support area. Break below that area should ...