The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
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EURUSD below significant barrier at 1.4279 bears did initiate a negative trend by a sharp break. While candles remain below this level, look for selling possibilities. Bears are controlling the situation for now.
Both heavy news items for the EUR/USD pair are forecast in different directions. So lets turn to the technicals for further insight into potential possibilities for profit from this pair.
The USDJPY has been the epitome of volatility over the last year. Much of that volatility arises from the Greenbacks recent (unofficial) appointment as the financing currency for the carry trade.
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The Bollinger Bands are falling like a meteor and bringing the other three indicators with them. The Full Stochastic, StochRSI and RSI put to the daily EUR/USD chart are all aimed downward and are moving so sharply that way, they are unlikely to stop soon. Price action would dictate a retracement of course but this movement has rushed past the resistance and support levels many have put to their charts, it will stay around this level for a few more days at least.
EURUSD, resistance level at 1.4466 holds bulls from further climbing towards next resistance barrier at 1.4540. Possible channel creation for now, it can be extended back to resistance barrier at 1.4466. At the moment waiting action remains and short term bouncing between current support and resistance levels is expected.
Each indicator window, Bollinger Band, Full Stochastic, StochRSI, RSI has it's indicator bound it the centerline. Price action has pinned this pair to the 1.4400 area. The Bollinger Bands, Full Stochastics and StochRSI have come down and might, threw a retracement bring the pair up a bit, with the RSI's help, because it has been under the centerline for a long time.
EURUSD,bears are controlling the situation below ex-support at 1.4466 price level. It looks like bears are heading towards another significant barrier at 1.4272. A breakout by this level, can initiate strong negative trend. For now, waiting action remains, possible formation of consolidation.
The uneventful open to this week, keeps the price action still asking for a move upward. Bollinger bands and RSI are voting for a move upward while the Full Stochastic and StochRSI windows are voting for a move downward.
The EUR shares a commonality with the Greenback. Together they form the most traded currency pair of all the pairs available to trade. Look at the largest economies that make up the global landscape and it becomes apparent why. At times it also makes it one of the more difficult pairs to trade. Volatility will often stop out even the most skilled of day traders.
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The EUR/USD's Bollinger Bands and RSI and centerlined and the StochRSI and Full Stochastic are looking for a excuse to move downward. Price action seems to not want to allow that excuse but would rather allow the march upward for the Euro to continue. Both heavy news items tomorrow look beneficial for the dollar, I think the price action will be overruled.
All the heavy news items bombing the EUR/USD pair today look terrible for the dollar, so today's futile analysis with the technicals on these charts goes something like this. Bollinger Band's, Full Stochastic, StochRSI all touching heaven's front door, while the RSI window shows the RSI still climbing the front steps
EURUSD bulls did manage to stay above resistance level, however low trading range has formed. This action provides first signs of bulls lack of confidence. Trend is not established yet. Waiting action continues with possible buying opportunities, however more bouncing is expected above resistance barrier.
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There were a number of great intra-day technical plays across the G10. We will focus on the Yen as it appreciated the most, gaining 1.31% on the Greenback. The price action is usually more substantial when a varied assortment of indicators, chart patterns, time frames, and oscillators all arrive at the same entry point.
EURUSD, bears have tried to decline the price, however bulls are slowly recovering it after the sharp fall. While bulls keep themselves above ex-resistance at 1.4444, look for buying opportunities. Above 1.4545 price level, bulls can initiate a positive trend.