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EURUSD Forecast: Euro recovered, the bearish channel violated. Technical levels to be watched today
The EURUSD bearish momentum was stopped yesterday. The pair failed to move consistently below 1.4250 and the Dollar was weaken significantly after new home sales number unexpectedly fell to 355K. Price topped at 1.4365 and closed at 1.4328. On h4 chart below, we can see that the bearish channel has been violated to the upside indicating potential threat to the bearish outlook. Remember that the bearish momentum in the last three weeks has been attempting to test the long term key support level at 38.2% Fibonacci retracement of 1.2456 – 1.5143 around 1.4127 area. Although it's too early to say that the bearish momentum is over, the bearish ...

EURUSD Forecast: Slipped below 1.4250, targeting 38.2% Fibonacci retracement of 1.2456 – 1.5143
The EURUSD attempted to push higher yesterday, topped at 1.4331 but further bullish momentum was rejected as price whipsawed to the downside, break below 1.4250, bottomed at 1.4216 and closed at 1.4253. Looks like the double bottom support failed to prevent the bearish pressure a this phase. This fact should lead us to further bearish scenario with technical target at 38.2% Fibonacci retracement of 1.2456 – 1.5143 around 1.4127 area which is a key support level from longer term point of view. Break below 1.4127 should be a potential threat to the long term bullish outlook. Immediate resistance at 1.4300 – 1.4330 area. We have seen a very ...

EURUSD Forecast: Bearish continues, re-testing double bottom support around 1.4250/60 area
The EURUSD attempted to push higher yesterday, topped at 1.4372 but further bullish momentum was rejected as price closed lower at 1.4273. This fact should keep the pressure on Euro re-testing 1.4250/60 support area today. The bias remains to the downside targeting 1.4172 – 1.4127 area today but we need consistent move below 1.4250/60 to continue the bearish scenario since we seems to have a double bottom support around that area as you can see on my h4 chart below. Immediate resistance at 1.4350/70 area followed by 1.4400 – 1.4450 area. Break above 1.4450 area should be seen as potential threat to the bearish outlook.

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EURUSD Forecast: 1.4250 support area hold, technical bearish remains intact
The EURUSD made indecisive movement on Friday, formed a Doji on daily chart. Price attempted to push lower, bottomed at 1.4260 but closed higher at 1.4336. The rejection to move below key support level 1.4250 was not a surprise for me. It was a “normal” upside correction on weekend after a significant bearish week, and overall the bearish scenario still in control, reflected on the bearish channel (red channel) as you can see on my h4 chart below. Break below 1.4250 should trigger further bearish momentum targeting 1.4170 – 1.4127 area, which is an important support area in longer term. Immediate resistance is seen at 1.4400 – 1.4450 area. Break above that ...