Forex Daily Forecast, Analysis and Prediction

We have just began to touch the 38.2 Fib level of the previous swing and keep in mind a swing fib is a swing fib and a move fib is a move fib.

There could be a reversal in the works on the UERCAD pair. Today's daily candle is a 174 pip bullish engulfing candle formed off of support at 1.3475.

Check out the correction of the EUR/USD signal from September 13, 2011. Expect a sharp drop towards the target price anytime.

See how one trader executed a trade based on today's EUR/JPY and GBP/USD analyses and ended up taking a profit.

Looking at the AUD/USD pair there is a feeling something has to happen soon.

The EUR/JPY just recently broke areas it hasn't seen in years. It just keeps riding the 5 ema down on both the weekly and daily charts as well as the 4 hour and 1 hour charts and if the 5 ema gets breached then the 13 seems to get in the way and push price down even further.

The EUR/GBP broke the bottom of its trap, but bounced off the Weekly 144 ema up to the 55 ema which also appears to being crossed by the 5 ema which is also at a swing Fib 38.2 on the Daily and just a bit under the Daily 13 ema, price looks like it is being pushed down even further.

Looking at the GBP/USD pair- it looks like it's not going to stop so easy. It is looking to me like it wants to break 1.5750 and if it breaks I think we are falling all the way to 1.5350.

The Sterling found some support at 1.5775 during the Asian session but will it hold? Investors appear to be returning to the North American markets while they wait for the EU to come to the rescue of Greece.

For the last couple weeks the EUR/USD has been in a very steep downtrend. It has broken a price trap I had it in, it has broken trend line. A break out such as this usually follows up with a retracement to or near the break area.

The weekly ema's and price seem to have met up with each other, the 5 has crossed the 21 ema and is pointing downward. The Daily candles have broken and retested the 233 ema and the lower Bollinger band is open to the downside.

This pair continues to look bearish. I really do not see too much in the way before 104.60 witht the exception of the Daily Central Pivot Point at 105.07 which if broken and revisited, will give you a very comfortable short trade with a stop loss just a few pips above the Central Pivot Point.

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.