Forex Daily Forecast, Analysis and Prediction

The EUR/USD been riding down the 21 ema on the daily time frame and has been swing fibbing its way downward. Price is still below the 21 ema on the daily time frame but I am beginning to notice that price has made a couple higher lows.

Yesterday the EUR/GBP sure took me by surprise. I was really anticipating a down day for that pair, however, it turned out to be an up day. This was mostly due to some heavy hitting news events for both the GBP as well as the Swissy.

The daily USD/CHF chart has formed, or is still forming a possible double top formation indicting that another drop could be coming soon. Price has tried 4 times since February 2011 to break and hold above 0.9300 with zero success, the most recent of which being November 25.

With the upcoming EU summit at the end of the week, there is potential for massive moves in the Euro following any announcement from that meeting. The past year or so has seen several potentially important meetings, but with the S&P ratings agency stating that if there is no agreement of substance after this meeting there will be downgrades – all of the sudden the stakes are much higher.

A trader that used today's Forex technical analysis, profit on a binary options platform.

Yesterday I stated in my analysis that the EUR/JPY looked bullish because on the weekly time frame price had opened up just above the 5 ema. I have to honestly say I don't know what I was thinking at the time since I was bullish on the Swissy and bearish on the EUR/USD and I should have been bearish on the EUR/JPY due to the laws of correlation.

Yesterday the GBP/USD made its way up to the daily 21 ema overlapped with the 38.2 fib then dropped and is still dropping. This just goes to show the power behind fibs and ema's especially when they are overlapped with each other.

In my analysis yesterday I pointed out that on the weekly time frame price opened up just below the weekly 5 ema and that appeared bearish to me and that price would most likely drop, and it did. This week may very well be a bearish week for the EUR/USD.

The weekly time frame looks very interesting to me today with this pair. Price is below the weekly 5 ema but is closely approaching the 144 ema. This pair has not been able to close below the weekly 144 ema in an entire year.

The Swissy continues to look bullish except for the fact that it is soon approaching resistance. On the daily time frame price is maintaining itself above the 21, 13 and 5 ema's.

The GBP/USD is sinking slowly, sort of. Since hitting a yearly low of 1.5272 in October, we moved as high as 1.6166 and and then fell to 1.5423 in November.

See how a trader used today's Forex technical analysis to profit on a binary options platform.

The EUR/USD pair originally had a surge upward at the start of the week to test the 1.35 level. The area has proven to be resistive again, and simply too strong for the bulls to overcome.

The GBP/USD begins its week just below the 5 ema on the weekly time frame. On the daily time frame price is up against the 13 ema with the 21 ema closing in.

The EUR/JPY begins the new week slightly above the 5 ema. The 13 ema is not too far above and I expect price to rise to the 13 then continue downward.