Forex Daily Forecast, Analysis and Prediction

I will begin my analysis today for the EUR/GBP taking a quick look at the weekly time frame. The weekly is very interesting to me since price is currently caught precisely in between the weekly 5 ema and the 144 ema.

The Euro/Usd is currently trading right on the weekly pivot point at 1.3330 and has pushed into, but not closed above the daily support/resistance zone of 1.3400.

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Currency: EUR/USD Trend Expected Direction: Down Strategy: Weekly Ichimoku Kinko and Hourly Elliott Waves and Fibonacci Trading

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On the daily timeframe price continues to ride the 5 ema downward, however, we are 150 pips above a strong support area that has been respected as support three other times previously and I would expect it will be respected yet again, even if price breaks it there will still be some type of reaction before it were to break and it will not be just an easy break, there will be some fight expected around 1.5350 when the time comes.

A brief look at the EUR/USD displays USD strength and a look at the USD/JPY displays USD weakness so my bias on this pair for today would have to be bearish.

Price opened up precisely on the 5 ema and price seems to be rising a bit. Most of the time I have found that when price moved beyond the 5 ema it is usually forced back down by the 13 ema. It wouldn't be totally out of the question for price to head up to the daily 13 ema before it keeps heading down.

Yesterday price made its way up to the .9300 region where I said it will most likely encounter resistance then drop and sure enough it dropped. Find out what's coming next based on the daily, hourly and 15 minute charts.

There don't seem to be any significant events developing on the weekly or daily timeframes but the 4 hour timeframe has more to say. Get the full analysis here.

The US stock market is back from the Thanks Giving day with what seem to be as a happy mood, as indices are rising more than 2%. The reason why Wall Street is interesting to the forex trader is the fact that the USD has a negative correlation to the US stock markets, so it is necessary to monitor the major indices most of the time.

Earlier this month I wrote about the S/R zone of 1.5950 giving the Sterling some grief and predicted that if that zone broke we would see to the Sterling fall to 1.5630 or lower.

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The GBP/USD starts out the new day just below the daily 5 ema and price has been riding down the 5 ema almost daily I see this pair as nothing but bearish.

The EUR/JPY begins the new week below the weekly 5 ema. Price is spaced below the 5 ema so price may be expected to rise a bit to make contact with the weekly 5 so it can keep heading down. On the daily time frame price is spot on the 5 ema and price seems to be heading up a bit.