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EURUSD Forecast
The EURUSD continued its bearish pressure yesterday, bottomed at 1.3093 and closed at 1.3116 but corrected higher earlier today in Asian session hit 1.3193. As you can see on daily chart below we have an important trend line support, which could be a good technical support for the Euro as we are entering Christmas season and the end of the year. The bias is neutral in nearest term, but a clear break above 1.3193 could trigger further bullish pullback testing 1.3250 resistance area. On the downside, break below 1.3116 (current low) would keep the bearish pressure remains strong targeting 1.3060 before testing 1.2968 – 1.2920 this week.



GBPUSD ...

EURUSD Forecast
The EURUSD was volatile but indecisive last week, but overall looks like the pressure is more to the downside as price is now traded below 1.3170 key support area after break below the rising wedge, testing 1.2968 – 1.2920 this week. Nearest term target is seen around 1.3100 – 1.3060. A movement back above 1.3170 could lead us to neutral zone in nearest term testing 1.3280 resistance area.



GBPUSD Forecast
The GBPUSD slipped below 1.5500 on Friday but so far still unable to stay consistently below that area. The bias remains bearish in nearest term especially if price able to break below 1.5475 testing 1.5400 before targeting 1.5300 this ...

EURUSD Weekly Summary: Bearish scenario still needs further validation
The EURUSD attempted to push higher this week, topped at 1.3498 but whipsawed to the downside, bottomed at 1.3132 and closed at 1.3187. I still prefer a bearish scenario for this pair, but would need a consistent move below 1.3170 to continue the bearish pressure. I have three technical bearish clues as you can see on my chart below. First, the rising wedge formation has been violated to the downside. Second, we have a gravestone Doji on weekly chart. Like the rising wedge formation, a gravestone Doji usually appear after a bullish run and signaling potential bearish reversal, but regardless of the previous movement, this candle stick pattern shows indecisive market ...

EURUSD Forecast
The EURUSD didn’t make significant movement yesterday. The bias is neutral in nearest term. Overall price still in consolidation phase with range area between 1.3438 – 1.3170. Short around 1.3438 or long around 1.3170 seems to be the best strategy for now, until we have a clear break on either side to see clearer direction. I still prefer a bearish scenario after the false breakout, but would need a clear break below 1.3170 to see further bearish validation testing 1.3100 – 1.3060 and 1.2968. Immediate resistance at 1.3338. Clear break above that area could trigger further upside pressure re-testing 1.3438. Immediate support at 1.3230. Break below that area could trigger further downside pressure re-testing 1.3170. ...