FxOpen's daily forex analysis and forecast

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Good day forex traders.

In the previous EUR/USD forex forecast review we noted that the SMAs were turning bullish. In fact the short term SMA 20 had already began to slope up. The immediate concern of the Euro Zone budget deficit crisis probably remained to be Greece as an apparent stall in discussions occurred. Private and public debt holders were seen to be different in their opinions.

Technical Analysis

Looking at the EUR/USD chart above, we note that the 1.32 region continued to put up a tough resistance. This is historically evident too. 

SMA 20 = Bullish

SMA 50 = Flat

As the SMA 20 continues to climb, a flip over of SMA 50 and the turning into bullish by the SMA 50 itself would indicate a higher possibility of a sustained bullish momentum. We can observe that the 1.3 ? 1.32 regions seemed to be the range for now. The SMA 50 may function as an immediate support too.

Complete the review!

Continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Weekly Review to understand more about the underlying market sentiments

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The EURUSD was indecisive this week. Price attempted to push lower, bottomed at 1.3025 on Wednesday but closed higher at 1.3158 on Friday. As you can see on my h4 chart below price has been moving sideways between the 23.6% ? 38.2% Fibonacci retracement of 1.4246 ? 1.2625. This ranging market occurs after price slipped above the 200-4 hour-EMA suggests the bullish phase since bounced from 1.2625 remains intact but need a clear breakout above the 38.2% resistance area (around 1.3230/40) to continue the bullish phase testing the 50% retracement level (around 1.3435). On the other hand, clear break back below the 200-4 hour-EMA and the 23.6% level (around 1.3000) could stop the current bullish phase.

Have a great weekend and see you guys next week.

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EURUSD Forecast
The EURUSD was indecisive yesterday. Price has been moving sideways this week but overall still in a bullish phase after bounced from 1.2625 and broke above the trend line resistance (white) as you can see on my h4 chart below. The bias is neutral in nearest term. Immediate support is seen around 1.3075. A clear break below that area could trigger further bearish pressure but only a clear break and daily close below 1.3000 could be a threat to the current bullish phase. On the upside, we need a clear break and daily close above 1.3250/75 to continue the bullish scenario testing 1.3375 even 1.3530.

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EURJPY Forecast
The EURJPY was indecisive yesterday. The bias is neutral in nearest term with range area to be closely watched between 100.74 ? 99.00. I prefer a bullish intraday scenario at this phase but need a clear break and daily close above 100.74 to reactivate my bullish intraday mode. On the downside, a clear break below 99.00 could trigger further bearish scenario testing 97.00 area. I will stand aside for now.

GBPJPY  Forecast
The GBPJPY didn?t make significant movement yesterday. The bias is neutral in nearest term but as long as stays above 119.35 price is still in a bullish intraday phase since the break above the trend line resistance as you can see on my daily chart below, testing 122.62 key resistance area. Immediate support is seen around 120.30/20. A clear break below that area would reopen the door for another downside pressure testing 119.57/35.

AUDUSD Forecast
The AUDUSD was indecisive yesterday. The bias is neutral in nearest term. Overall price is still in a bullish phase but note that we need a clear break and daily close above major key resistance 1.0751 to continue the bullish scenario testing the record high 1.1079. On the downside, key support area is seen around 1.0600. A clear break and daily close below that area could trigger further bearish pullback, postpone the bullish outlook. As you can see on my daily chart below, two previous bearish reversal movements happened when price failed to make a break above 1.0751 and fell below 1.0600 and that bearish reversal scenario could happen again this time.

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GBPUSD  Forecast
The GBPUSD bullish momentum was stopped yesterday but so far still able to move above 1.5780 support area (former resistance). In fact, 1.5780 is an ideal place for a long position with good risk ? reward ratio, tight stop loss below 1.5780 targeting 1.5900 ? 1.6000 region. A clear break and daily close below 1.5780 would postpone the bullish phase even could create a false breakout bearish reversal scenario especially if breaks below 1.5700.

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