The EURUSD has corrected sharply as visible in this D1 chart. Despite the continued debt contagion issues in the Eurozone the Euro remained very resilient, but the Portuguese-Greek combo sank this currency pair down to 1.2900. Additionally traders expect a positive surprise out of tomorrow’s NFP report in the U.S. which we believe will not occur. We expect the Euro to rally tomorrow after the release of the NFP data and see it heading higher and back to 1.3200. MACD indicates stable momentum despite the sell-off and the absence of...
The EURUSD has been correcting in a well-established bearish price channel as visible in this H4 chart. The bearish chart pattern has been very strong and not violated while price action is currently centered on its descending support level. The last six candlesticks suggest this currency pair is attempting to form a bottom at 2013 lows from where we expect it to move higher and keep the chart pattern intact. MACD has confirmed the bearish chart pattern which points to potential future weakness. The rally which will be initiated...
The EURUSD has corrected sharply after Cyprus has reignited Eurozone woes. This currency pair now formed a double bottom as visible in this D1 chart and the most recent candlestick has opened above its support level which is enforced by its 200 DMA and a close above this level will be bullish. We believe the EURUSD will launch a relief rally into its 50 DMA after the Cyprus vote on the bailout. MACD has stabilized at the bottom and formed a positive divergence which supports our call for a rally from current levels. RSI is trading...
The EURUSD has been trading in a bullish price channel as visible in this H4 chart. This currency pair started to form this chart pattern after it hit new multi-month as well as 2013 lows due to the Cypriot bailout situation. The establish chart pattern has been very strong and we believe the EURUSD currency pair will move higher back into its ascending resistance. MACD has shown severe improvement and currently flirts with a bullish centerline crossover. RSI has reached oversold territory, but managed higher lows and confirm the...
The EURUSD has launched a strong rally after hitting its 200 DMA and formed a rising wedge formation as visible on this H4 chart. The last ten candlestick formations have indicated that the rally lost its steam and has formed a new temporary top. We expect this pair to start a correction and bearish pressures to cause a breakdown of the formation amid heavy profit taking. MACD has indicated the top and failed to confirm the new highs while RSI has been trading in extreme overbought territory which it will not be able to hold for...
