Forex Daily Forecast, Analysis and Prediction

Yesterday the EUR/GBP produced a Doji at an area of support, the weekly 233 ema after a downtrend that has been lasting a couple weeks. I am sure you all already know that a Doji is a reversal candle.

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Find out where this major Forex currency pair is headed in this analysis from an expert trader.

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Currency: EUR/USD Trend Expected Direction: Down Strategy: Elliott Waves and Fibonacci Trading.

The EUR/JPY sure was a wild pair yesterday. The total daily range was 108 pips yet price opened and closed within 3 pips of each other. On the weekly time frame price rose to nearly the 5 ema and fell.

Yesterday was an average day for the GBP/USD pair. Its range was around 126 pips. The weekly candle rose to the 13 ema then price dropped. The 13 ema is very powerful, especially on the larger time frames.

Yesterday the Swissy had a very volatile day. 150 pip range to be exact. Interesting when you think about it since last week's range was like 323 pips. On the daily time frame price came down and pierced the 21 ema and bounced high.

The EUR/USD had another highly volatile day yesterday. Yesterday's range was 174 pips, a very impressive day for this pair. Price tanked yesterday but before it tanked it rose and on the weekly time frame price rose to the 5 ema which is what made it tank.

Yesterday the EUR/GBP tanked. 73 Pip drop for this pair is a big range. Of course, this is no surprise since if you read my analysis yesterday I said it would drop, and it did. On the weekly time frame price finally made it down to the 233 ema as I knew it would sooner or later, after all, the 233 ema calls out to price.

Wednesday saw the European Central Bank release 489 billion Euros to over 500 banks at the benchmark rate of 1% for the term of three years in order to push more liquidity through the European banking system.

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In the schizophrenic currency markets of 2011, the Australian dollar has been particularly interesting as it has made several violent moves over the last 12 months, normally predicated upon a random headline coming out of Europe.

Yesterday's move up for the GBP/USD was very impressive. Yesterday's range was over 200 pips. The weekly candle has already poked above the weekly 5 ema.