Forex Bio

EURUSD Weekly Summary: Triple bottom at 61.8% Fibonacci retracement: Bullish reversal?

As you can see on my weekly chart below, the EURUSD made another Doji this week, indicating another indecisive movement which has been happening in the last three weeks. The bearish channel indicates the major bearish scenario remains intact. However technically I see potential bullish reversal scenario indicated by the triple bottom formation around 1.3450/00 area which is at the same time a 61.8% Fibonacci retracement of 1.2327 – 1.5140 at least testing 1.3850 and the upper line of the...

Technical Analysis for EURUSD Daily Forecast: February 25

EURUSD Forecast: The EURUSD attempted to push higher yesterday, topped at 1.3625 as a temporary reaction after The Fed decided to keep the interest rate low but further bullish momentum was rejected as price closed lower at 1.3539. This fact should keep the bearish scenario intact. On h4 chart below we can see price is now testing the minor trendline support (yellow). Break below that trendline should trigger further bearish momentum testing 1.3444 – 1.3400 area. Immediate resistance at...

Technical Analyis for EURUSD 20 Jan 2010

The EURUSD had a significant bearish momentum yesterday, break below the triangle formation, as you can see on my daily chart below, indicating potential bearish scenario. Earlier today in Asian session we have another important move as price already break below 1.4250 key support level. This fact should be seen as bearish scenario confirmation targeting 1.4000 this week. However, watch out for a “hidden” support level around 1.4180 area. Another movement above 1.4250 area should lead us...

Technical Analysis EURUSD 18 January 2010

EURUSD Forecast: As I had expected, the EURUSD had a bearish momentum after break below 1.4450, bottomed at 1.4338 and closed at 1.4379 on Friday. The bias is neutral in nearest term but I prefer a bearish scenario at this phase targeting 1.4250 area as bullish scenario failed. Immediate resistance at 1.4400 – 1.4450 area. Only break above 1.4450 area should be seen as bearish failure and lead us into no trading zone as direction would become...

EURUSD Forecast: Bearish correction testing 1.4850

The EURUSD had a significant bearish momentum yesterday, bottomed at 1.4844 and closed at 1.4863. The CCI bearish divergence I showed you on Saturday give us a valid signal about bullish exhaustion and bearish momentum. On h4 chart below we can see that price violated the bullish channel to the downside indicating potential bearish view. On my daily chart below we can see that we are in critical phase where price now testing my key support level 1.4850. Break below that area could...