Forex Daily Forecast, Analysis and Prediction

Today's view of the EUR/GBP we appear to be in a period of consolidation. Yesterday, as I specified we were in a period of retracement. I think this retracement can continue all the way until 0.8690 area.

Looking at this pair I see what could be a Weekly Double Bottom at 1.5785 and price is still far enough from the Weekly and Daily ema's I think price needs to continue upward a bit.

We are approaching a 38.2 Fib Retracement of the previous swing down with a 4 Hour 21 ema just above that fib level. Price is also just below the Hourly 55 ema and we are just below yesterday's high and it kind of looks double toppish.

EUR/USD signal based upon Elliott Wave principles. Find your entrance and stop loss now!

If price breaks to the upside we will see some resistance at 0.8250, 0.8320 & 0.8380 as I mentioned in yesterday's post. If however, price falls below 0.8200 again, it must break below another key support level at 0.8097.

Price is way outside the lower Bollinger Bands on both the weekly and daily charts, has traveled a distance from the 5 ema on both charts and in the oversold zone of the Stochastics on practically all time frames.

This pair continues bearish however, it is at a daily 50.0 Fib to the upside overlapped with a daily 233 ema and lower Bollinger Band, approaching the Stochastic oversold zone.

Looking at this pair I see it is approaching the Weekly 144 ema and at the edge of the Lower Bollinger Band.

As I observe this pair there is absolutely no doubt it has been in a downtrend for the past couple weeks and there is really no reason for this down trend to end, however, I believe a slight retracement is due before price continues downward.

The GBP/USD is quite a distance from its 5 ema and up against the lower Bollinger Band on the Weekly chart, as well as about 40 pips away from the Daily 5 ema, with Stochastics in the over sold zone.

The Euro fell close to 500 pips against the U.S. Dollar late last week, extending a sell-off that has taken the currency pair from 1.4500 at the end of August down to an intraday low at Friday’s close by 1.3653. European sovereign debt troubles have long plagued the currency but investors have turned a blind eye to the fiscal troubles purely due to the hawkishness of the European Central Bank.

Here we have a daily chart of the Kiwi that shows price action finding some support at about 0.8175. This is no surprise with the previously established daily support of 0.8150 which held on August 19/20.

USD/CAD signal based upon Elliott Wave principles. Find your entrance and stop loss here.

The EUR/GBP approaches the end of the week bouncing off last month's low. It is also bouncing off the Weekly S2 Reversal Pivot as well as the Daily S1.

Friday has left us with a bearish EUR/JPY sitting on the Monthly S1 Pivot, the Weekly M1 Pivot and we just poked yesterdays low.