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EURUSD Forecast
The EURUSD was indecisive yesterday. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see price is now testing the lower line of the bullish channel. Break below the bullish channel could trigger further bearish pullback testing 1.2920/50 but any downside rebound now should not be a surprise since we haven’t seen bearish correction since last weekend. On the upside, break above 1.3036 (yesterday’s high) could trigger further bullish momentum testing 1.3120. Fundamental focus today will be on four US economic data. PPI, unemployment claims, TIC purchases and Philly Fed Manufacturing Index. Good numbers could trigger another risk appetite, push Euro higher while ...

EURUSD Forecast:
The EURUSD continued its bullish momentum yesterday, topped at 1.3032 and closed at 1.2998 after better than expected US core retail sales triggered another risk appetite sentiment. If we keep seeing good fundamental data, this bullish momentum likely to continue. On h4 chart below we can see price is moving strongly in a bullish channel indicating a strong bullish phase testing the trend line resistance (red). Although the medium and nearest term bias is strongly bullish, only a break above the trend line resistance could be a serious threat to the long term bearish outlook. Immediate resistance, which is also nearest bullish target is seen around 1.3120. Initial support at 1.2900 and the lower line of the bullish channel. ...

EURUSD Forecast:
The EURUSD had a bullish momentum earlier today in Asian market, traded around 1.2784 at the time I wrote this comment after some rejections to move below the trend line support last week. The bias is bullish in nearest term testing the trend line resistance (white) and 1.2830 region. Immediate support at 1.2700. The major scenario remains bearish but need a clear break below the trend line support (yellow) to continue the bearish scenario. On the upside, consistent move above the trend line resistance could continue the bullish correction phase testing 1.2930.



GBPUSD Forecast:
The GBPUSD also rebounded higher earlier today in Asian session ...

The EUR/USD had a bearish momentum this week. Opened at 1.2892, price bottomed at 1.2643, which is the 23.6% Fibonacci retracement of 1.5140 – 1.1876, and closed at 1.2710 on Friday. On daily chart below we can see that price has been indecisive from Wednesday to Friday after dropped significantly on Tuesday. Price made some attempts to break below the trend line support but a serial of better than expected economic data from UK (Halifax HPI), US (Trade balance, Unemployment Claims) and Euro zone itself (French Industrial Production) triggered risk appetite sentiment and hold the Euro above trend line support. I still believe that the major technical scenario remains bearish. Judging from the price action after the data release, the bullish ...