Forex Daily Forecast, Analysis and Prediction

The pair came within ticks of our 3rd channel extension target at 1.3570 Friday (dark purple), providing more confirmation that the dominant cycle is the angled one rather than the flat (black).

Negative trend is extended further downside, however concentration is formed by current support barrier at 1.3630 while resistance level holds at 1.4037. Wide trading range is created, however at the moment look for selling options just below support level. Breakout confirmation of support barrier is needed to continue bearish movement.

Negative trend is extended further downside, however concentration is formed by current support barrier at 1.3630 while resistance level holds at 1.4037. Wide trading range is created, however at the moment look for selling options just below support level. Breakout confirmation of support barrier is needed to continue bearish movement.

Price action for the EUR/USD on it's daily chart, has defied the requests of each of the four indicators on it, for any excuse for upward movement. With no hard hitting news releases for this pair today, it is likely to be range bound or to continue the downtrend for February the 8th.

The downward dance for the EUR/USD, will continue to flow as this pair moves forward with today's news forecasts. The forecasts will favor the USD as will the trend, your friend. Though the Bollinger bands, Full Stochastics, StochRSI and RSI are screaming for a retracement, the strong trend and news forecast for today should offer a strong hint at isolating any trades to shorts.

Technicals will be taken down again by the good news for the dollar on the 4th. Bollinger Bands, Full Stochastics, StochRSI and RSI are each in their windows and all low. Price action has showed the EUR/USD pair is stable around the 1.3900 level. That show of stability will help future movement downward.

Bulls did manage finally to break trend line, however below 1.4048 price level bears are still in good shape. Despite this bulls attempt to climb higher, bears are controlling the current situation. Look for selling possibilities below this barrier, but it should be done with a care for now.

The EUR/USD's daily chart shows a lapse in the dollar's recent rise to power. This will likely be corrected by the two high powered news items that are released on the 3rd.

Negative trend remains strongly active. However, according to recent bulls attempt, they showed first signs of recovery. At the moment waiting action is better option in order to confirm bulls strength. If a trend line is broken, bulls have a chance to slide above 1.4048 price level.

As mentioned Sunday, EUR/USD tested our LT targets at 1.3852 and has held there for now. The next resistance level should be at 1.3988, with a ST cycle completion target of around 1.4115. ST support should be at 1.3938 and 1.3911.

Ex-support 1.4048 and ex-resistance 1.4409 levels hold at the same places. Strong negative trend remains for this pair, at the moment short term upswings are expected. However, while downtrend holds, look for selling possibilities, but it should be done with a care for now.

A gentle rise in the StochRSI shows a level of stability in the EUR/USD's daily chart. The same daily chart's Bollinger Bands are not as wide, showing a decrease in recent volatility.

The downtrend continues with no letup for any of the four technical indicators on the daily chart of the EUR/USD. Bollinger Bands have the price at the bottom, Full Stochastics are scraping the bottom, StochRSI is crawling at the bottom and RSI is rolling threw the mud.

EUR/USD is trading at levels where several LT cycles should provide support. In our chart both the black and dark purple cycles show channel targets where we made lows overnight, and the dark red LT cycle has its 2nd channel extension target just above the lows. If we continue lower, there is LT technical support at 1.3750.

EURUSD negative trend is extended by low bearish movement below support barrier. Even though bears are sliding downside, lack of confidence can initiate bulls price recovery. At the moment, look for waiting option with selling opportunities, but it should be done with a care.