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.
The week between Christmas and New Years is without a doubt one of the quietest in the Forex markets. The fact is that the majority of traders are gone for both holidays as well as Hanukkah. With so many people away from their terminals, the major firms are being staffed by junior traders that simply do not have the authority to place new trades in the same ways that the senior ones are.
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Follow up on where the EUR/USD is headed in this analysis from an expert trader.
The EUR/JPY didn't make much headway yesterday. The total range for yesterday was only 25 pips. On the weekly timeframe price is still below the weekly 5 ema and still has not made contact with it this week and I doubt it will this week since thee is no true driving force in the market this week.
The GBP/USD was certainly the King of the Hill yesterday. When many of the major pairs only moved a fraction of their daily ranges the GBP/USD still made a 104 pip range, just a few pips below its average day.
Yesterday was not a very volatile day for this pair and I don't expect today will be either. sometimes, the winning trade is to not trade. I love to trade and I am always obsessed with finding a position, an entry position into the trend. But I like to trade on volatility.
The volatility for the EUR/GBBP picked up just a bit yesterday. The range was 42 pips. In my recent analysis for this pair a few days ago I pointed out that the weekly candle made touchdown with the mighty 233 ema as I had predicted previously and you can always be sure that when price hits touches the 233 ema on any timeframe there will almost always be a reactionary bounce of some sort to some degree; barring news related events.
What I am watching for the most with the Swissy is will daily price fall and close below .9310 This level seems to hold some importance and has managed to be both support and resistance.
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As with all the pairs I have analyzed there was very little price action and for a pair that averages 100 - 120 pips a day and even more at times this pair only did 29 pips but that's not so much due to lack of volatility as it was a Bank Holiday pretty much throughout most of the world.
The GBPUSD had an interesting day yesterday strange enough. Considering Christmas and the fact that yesterday was a Bank Holiday I really didn't expect too much movement for this pair yesterday as there was very little moment amongst several other pairs and any movement was purely incidental, the GBP/USD still managed to move 62 pips and the GBP/CHF moved 67 pips.
In my analysis for the Swissy I was bullish, so naturally for the EUR/USD I am bearish. Of course, for this pair to fall down it will have to rise a bit more.
Yesterday was an expectedly slow day for this pair due to the Christmas Holiday and of course Monday was a Bank Holiday for most of the world. Yesterday's range was only 33 pips.
Yesterday's range for the EUR/GBP was only 27 pips, but hopefully things will be changing as today's trading progresses. Get the full analysis here.
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