Technical Analysis Commentary

EURUSD Forecast: Corrected Lower, Support Hold, Bullish Remains Intact.
The EURUSD was corrected lower yesterday but I am not surprise. In fact, I think we need this correction in order to continue the bullish scenario re-testing 1.4850 area. On my h1 chart below we can see that the price bounced from my 1.4695 – 1.4650 support area and now has break above the minor trendline resistance (blue) indicating a bullish potential. Immediate support at 1.4650 area. Only break below that area could diminish my bullish outlook.



GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5857 bit whipsawed to the upside, topped at 1.5971 and ...

EURUSD Forecast: Found Resistance at 1.4761. Support area to be Watched Today

The EURUSD continued it's bullish momentum yesterday, topped at 1.4761 and closed at 1.4721. On h1 chart below we can see that 1.4671 area is an important intermediate resistance at this phase. The bias is neutral in nearest term and we might see some downside correction today, but the bullish scenario with 1.4850 as potential target especially if price break above 1.4761 area remains intact. However do not rush buying now. CCI heading down towards -100 line on h1 chart and price pullback after touch 1.4761 so watch out for potential downside correction testing 1.4695 – 1.4650 support area. I will be watching any reaction around that support area before ...

EURUSD Forecast: Re-testing 1.4850?

The EURUSD had a moderate bullish momentum yesterday, topped at 1.4668 and closed at 1.4648. On h4 chart below we can see that after struggle around the minor trendline resistance (red) where price cross up and down, the pair is now traded above the trendline resistance indicating bullish pressure still able to maintain it's momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in longer term perspective, the rejection to move above 1.4850 on September 23 should keep the medium term bias remains neutral. Immediate support at 1.4610 and the trendline area (former trendline support, red). Break below that area should lead us into no ...

EURUSD Forecast: Battle of Trendlines
The EURUSD had a volatile but indecisive market on Friday. The pair attempted to push lower, bottomed at 1.4479 but found support at trendline support (orange), bounced to the upside, topped at 1.4646 and closed at 1.4574. The fact that the trendline support still hold should keep the bullish scenario intact. On the upside price seems to find resistance around minor trendline resistance (red). These trendlines is the key area at this phase and we need trendline break to see clearer direction. Break above the trendline resistance should trigger further bullish momentum testing 1.4720 and 1.4850 area. Break below the trendline support would have a bigger impact on longer term perspective, testing ...