Technical Analysis Commentary

EURUSD Weekly Summary:
The EURUSD remains indecisive this week. We have three Dojis in the last three weeks indicates consolidation with no clear direction and consistent momentum. Last Saturday, I wrote about how CCI can not move consistently above 100 or below -100 and the situation remains the same so far, as you can see on my h4 chart below. This situation is similar to what happened around mid-August to mid-September before a new clear direction (bullish) can be seen from mid-September to the first week of October where CCI maintain position between zero line and above 100 indicates consistent, clear and strong bullish momentum. We still have the bearish channel since the bearish movement from 1.4158 so overall the bearish bias ...

EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.3950 and closed at 1.3943 but traded lower around 1.3890 at the time I wrote this comment. On h1 chart below we can see price is moving inside a minor bullish channel but the bullish channel is now being tested to the downside. We know that price is still consolidating without clear direction in the last three weeks with inconsistent momentum. A break below the minor bullish channel and a consistent move back below 1.3890 could trigger further bearish movement testing1.3800. On the upside, we need a clear break above 1.3950 to continue the bullish momentum testing 1.4028 and the upper line of the major bearish channel.

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EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.3733 but closed higher at 1.3794 and traded around 1.3810 earlier today in Asian session at the time I wrote this comment. Overall the bearish bias remains intact but no convincing and consistent bearish momentum so far. The bias is bullish in nearest term testing 1.3880/90 area. I still prefer a bearish scenario, but a break above 1.3880/90 could trigger further upside momentum testing 1.3980 – 1.4000. On the downside, immediate support at 1.3778 (current low). Break below that area could continue the bearish pressure testing 1.3700 before targeting 1.3600.



GBPUSD Forecast
The ...

EURUSD Forecast
The EURUSD had a bearish momentum yesterday after failed to make a clear break above 1.3970, bottomed at 1.3825 and closed at 1.3845. This fact keeps the bearish bias since the fall from 1.4158 intact and the bias is bearish in nearest term testing 1.3700. I hope we will start to see consistent momentum and clearer direction from now. Break below 1.3700 could trigger further bearish pressure testing 1.3600 – 1.3500 region. Immediate resistance at 1.3878 (current high). Break above that area could trigger further bullish pressure testing 1.3980 – 1.4000 area and keep us in unclear direction and inconsistent momentum condition.




GBPUSD ...