Forex Daily Forecast, Analysis and Prediction

Yesterday the EUR/JPY nearly made touchdown with the 100.90 support area I have been pointing out for a couple months.

In the last few days the EUR/USD has broken through an area of visual support. A retracement or retest at the scene of the break is usually expected. Price could head up to 1.3155 before continuing on to the downside.

For the last couple days the EUR/GGP has been in a range. After a pair makes a steep move it tends to reconsolidate for a couple days to catch its breath. Usually what price is really waiting for is the ema's to catch up with it.

Yesterday the Swissy weekly candle broke above the 50.0 fib line of the last move down and was immediately rejection and price is right back down just below the 50.0 fib.

In a move that mirrors the GBP/USD that I wrote about yesterday, the AUD/USD has found support on a daily zone at 1.9860 and is looking bullish for the moment.

On the daily time frame the GBP/USD continues to drop, however, it appears price is bouncing off the lower Bollinger band and heading up a bit I think just to tap the 5 ema so it can keep heading down. In any case, at 1.5350 I do expect to see bullish reactions.

The Swissy finally blew through the 50.0 fib level of .9400 and beyond. On the weekly time frame the next area of major resistance is at the 144 ema at .9770 which is where I will expecting a reaction if price makes its way up to that level.

The EUR/USD continued to fall yesterday and needs to retrace a bit sooner or later. On the weekly time frame price is nearly 300 pips below the 5 ema and price is already bouncing off the lower Bollinger band. Stochastics is also in the oversold zone.

The EUR/JPY has been tanking since last week and has finally reached an area of visual support around 100.90 where I would expect some type of bullish reaction. 100.90 could very well be viewed as a double bottom and lots of buyers await at that level.

Today on the weekly time frame the EUR/GBP reached an area of visual support and bounced up. This bounce looks precise right down tot he pip and just a bit below is the 233 ema which is sure to get a reaction if price falls further down to it.

The EUR/USD pair has been the focal point of most Forex traders over the last several months, and today we find it falling below the 1.30 mark for the first time in almost a year. The breakdown is being helped along as the EU continues to dawdle when it comes to finding a “fix” for the debt issues that several of the members of that union have.

The bearish action on the GBP/USD may be coming to an end, if only temporarily. Price has printed a daily Spinning Top indecision candle with almost equal wicks above & below.

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Just as with many other pairs the EUR/JPY took a heavy dive yesterday and as it did the day before which has extended the weekly candle very far from the ema so early in the week. This also seems to be the case for the daily time frame as well

The GBP/USD pair on the weekly time frame just as with other pair, has found itself far below the 5 ema. This also seem to be the case with the daily time frame too.