Forex Daily Forecast, Analysis and Prediction

Yesterday's large move up for the Swissy pushed it above the 50.0 fib level of .9400 which means it could go as high as the 61.8 fib level around .9950 however, before price reaches the 61.8 it will meet up with the weekly 144 ema around 1.0335 which will most likely act as strong resistance.

I will start out my analysis for the EUR/USD on the weekly time frame. I want to point out that after yet another very bearish move yesterday for this pair price is taken even further down away from the 5 ema but not it has touched the lower Bollinger band which could be the early heads up that price may soon snap back up to make contact with the 5 ema.

Yesterday was yet another bearish day, price dropped quite a bit. On both the weekly and daily time frames price has fallen way ahead of the 5 ema's and is extended outside of the Bollinger bands and the stochastics is in the oversold zone.

The last several months have seen violent market moves in the EUR/USD pair based upon meetings, rumors, theories, and general market noise. However, as we are starting to head towards the 1.30 level, the October lows have been violated, showing a major shift in not only sentiment, but potentially the momentum as well.

Yesterday I wrote about the EUR possibly falling to 1.2950 if we broke through weekly support at 1.3160 +/- and we fell as low as 1.3007. This is quite a free fall for the currency really, with a 2 day total of 219 pips.

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The EUR/JPY just like some of the other pairs tanked yesterday and fell so hard for so early in the week the weekly candle fell a distance from the 5 ema.

The GBP/USD has been trapped in the same range for nearly 2 weeks. Yesterday price took a dive down to the bottom of the range it has been in then bounced back up.

Currency: EUR/USD Trend Expected Direction: UP

Yesterday this pair made a great dive and so early in the week is already a long distance from the weekly 5 ema. On the daily time frame price has also ventured a ways from the 5 ema and extended its way outside the lower Bollinger band and is also sitting at strong visual support that could also be viewed as a double bottom that I expect price to snap back up at least just to make contact with the daily 5 ema.

The Swissy has finally made its way exactly to the 50.0 fib level of the last major move down at .9400 This is a very interesting level since it is a powerful fib level and it is also a psychological level.

Yesterday's bearish move for the EURGBP was a very strong move and the weekly candle so early in the week has been dragged a long distance from the weekly 5 ema and it has even fallen slightly outside the lower Bollinger band.

The EUR/USD continued its bearish move today and landed square on a weekly support zone at 1.3160 that gave the currency a bullish push the last time it was at this level in October of this year.

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