Forex Bio

EURUSD Weekly Summary: False breakout or further upside correction?

The EURUSD made another indecisive movement this week. Price attempted to push higher, topped at 1.3691 on Tuesday but still closed below 1.3650 on Friday indicating limited upside corrective pressure. On daily chart below we can see that price slipped above the minor bearish channel but closed lower around the upper line of the minor bearish channel. While long term outlook remains bearish, the medium term outlook is in critical technical phase. The fact that price slipped above the minor...

Technical Analysis for EURUSD 25 January 2010

EURUSD Forecast: The EURUSD was closed higher at 1.4139 on Friday. I still prefer a bearish scenario but the rejection to move below 1.4030/00 support area could trigger further upside correction testing 1.4200 – 1.4250 at this phase. As you can see on my h4 chart below, we have a minor bearish channel (aqua) indicating that technically we are still in bearish view. A violation to that minor bearish channel and a break above 1.4250 key resistance level should be seen as serious threat to the...

Technical Analysis for USDCHF 18 Jan 2010

USDCHF Forecast The USDCHF had a significant bullish momentum on Friday. On h4 chart below we can see that price break above 1.0213 and now struggling around 1.0280 and the upper line of the bearish channel. This fact should be seen as a serious threat to the bearish scenario especially if we have a consistent move above 1.0280 and violation to the bearish channel, targeting 1.0400 – 1.0500 area. Immediate support at 1.0213 area. Break below that area should keep the bearish scenario...

Technical Analysis for USDJPY 18 Jan 2010

USDJPY Forecast: The USDJPY had a moderate bearish momentum on Friday, bottomed at 90.59 and closed at 90.82. This fact should keep the bearish scenario targeting 90.15 remains intact and the bias remains to the downside. Immediate resistance at 91.30. Break above that area should lead us into no trading zone in nearest term but as long as price stay below 91.85 I still prefer a bearish scenario at this phase. Break below 90.15 area should continue the bearish scenario towards 88.00...

Technical Analysis for EURUSD (Weekly Summary)

EURUSD Weekly Summary The EURUSD failed to continue its bullish momentum this week. The pair attempted to push higher, topped at 1.4578 but further bullish momentum was rejected as the pair closed significantly lower below 1.4450 key support level. Technically, this fact should be seen as bullish failure and we may once again trapped in range area of 1.4450 – 1.4250 next week but the bias is more to the downside. Euro weakness was triggered by Greek fiscal deficit which could keep pressure...

Technical Analysis for EURUSD 14 January 2010

EURUSD Forecast: The EURUSD made another indecisive movement yesterday, trapped in a range area of 1.4450 – 1.4600 as you can see on my h4 below, indicating consolidation but the scenario is more to the upside unless we have a break below 1.4450. The bias is neutral in nearest term. We will have some important news from the Euro zone and US today. While ECB likely to keep rate at 1%, traders focus will be more on the ECB press conference. An optimistic tone should support the Euro further...