Forex Bio

EURUSD Weekly Summary: Slipped below trendline support, Euro in critical technical phase

The EURUSD had a significant bearish momentum after much better than expected employment data on Friday. US Non Farm Payroll made a huge surprise by fall only -11K in November while unemployment rate fall at 10%. Price bottomed at 1.4821 and closed at 1.4857. On daily chart below we can see that price slipped below my major trendline support indicating critical technical phase which could be a serious threat to the bullish outlook. However, note that we need a consistent move below the...

Technical Analysis for EURUSD for 24 November 2009

The EURUSD had a bullish momentum yesterday, slipped above my bearish channel but price retreat to the downside indicating bullish continuation scenario is potential but don’t be too optimistic yet. We only have 2 options regarding the bearish channel break, whether it is a true breakout or a false breakout. If today price made another bullish above 1.5000 area, I will consider the breakout is valid and bullish momentum should continue testing 1.5062, but if today price fall below 1.4920, I...

Technical Analysis for EURUSD 23 November 2009

The EURUSD made another rejection to consistently move below 1.4820 key support level on Friday. This fact surely keep the major bullish scenario intact, but the bearish reversal scenario warning showed by double top pattern with peaks around 1.5062 area is also still valid and the bias should remains neutral as market is consolidating now. Overall, this pair has been indecisive in the last two weeks and we need a significant movement above 1.5062 to continue the bullish continuation towards...

EURUSD Weekly Summary: Still under pressure, Euro able to stay above 1.4820 key support level

The EURUSD made another downside attempted yesterday, slipped below 1.4820, bottomed at 1.4801 but still closed above 1.4820 at 1.4860. On my daily chart below, we can clearly see that 1.4820 has been providing a good support area as price bouncing to the upside after touched or slipped below that area. I have no doubt in mind that this level plays a very important role at this phase, a key level to be watched carefully in the upcoming week. As you may already know, I already see a potential...

Technical Analysis for EURUSD 20 November 2009

The EURUSD attempted to push lower yesterday, bottomed at 1.4842 but bearish pressure was limited as the pair closed higher at 1.4915. The bias is neutral in nearest term. My technical focus remains at the bearish channel, which is still valid indicating bearish correction remains intact with the upper line of the bearish channel as key resistance area. As you can see in my daily chart below, the upper line has been doing a good job to keep the bearish correction intact since the rejection to...

Technical Analysis for EURUSD 19 Novenmber 2009

EURUSD Forecast: The EURUSD had a bullish momentum yesterday, topped at 1.4989 and closed at 1.4959 after rejected to move consistently below 1.4820 key support area and even after Trichet said that he support a strong Dollar. However, on my daily chart below the bearish channel remains valid and the upper line of the bearish channel provide a good resistance. So I think the bearish correction even a bearish reversal scenario (double top) is still intact. Once again, we need violation to...