Technical Analysis Commentary

EURUSD Forecast:
The EURUSD had a significant recovery yesterday, topped at 1.2596 but closed lower at 1.2487, still in a high volatile market. The Dollar rally was stopped by bad data in the last two days. The SNB intervention buying the Euro and rumor about the ECB intervention also responsible to this bullish sentiment although we have no substantial progress on the Euro zone debt crisis. Regardless of how we see the fundamental situation and rumors in the market, technically this fact could open the door for further upside recovery testing the major trendline support. The bias is bullish in nearest term targeting 1.2630 area even 1.2700 region but I still believe that the main scenario remains to the downside. Immediate support at ...

EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday after worse than expected US CPI numbers and rumor about ECB intervention, topped at 1.2422 and closed at 1.2412 in a high volatile and tricky market. However earlier today in Asian session the Euro loss some bullish momentum after found resistance around the trendline as you can see on my h1 chart below. The bullish run yesterday didn't reflect substantial progress in Euro fundamental condition so this upside momentum might be short lived and the main scenario remains to the downside with 1.2000 as potential target especially if price able to break below 1.2143 area, but intervention threat is something we can't ignore. Immediate support at 1.2260 which should ...

EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2443 but whipsawed to the downside, bottomed at 1.2164 and closed at 1.2201. Technically this fact opens the door for further bearish scenario testing my weekly target around 1.2000 area as I see no more significant technical support or upside correction pattern so far except price already in oversold area. In a bearish market, oversold area should only be seen as a potential correction before continue to push lower. Immediate resistance at 1.2280 area. Unless we have high impact news or data that could pause Dollar strength, I don't expect any movement higher than that area today. However, break above that area could trigger further upside correction testing ...

EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.2234 but closed higher at 1.2395 in a volatile market. Price was traded lower around 1.2340 at the time I wrote this comment in Asian session as bullish pressure seems to lose some momentum. However on daily chart below we have a hammer candle stick formation, which is a bullish pattern. Of course it's too early for a bullish reversal scenario and the main scenario remains to the downside, but I never ignore any reversal/correction signal. Immediate support at 1.2320. Break below that area could trigger further bearish pressure testing 1.2230/00 area. Initial resistance at 1.2465 area. Break above that area could trigger further bullish momentum and could be ...