Forex Technical Analysis: EUR, GBP, JPY, CHF
|EUR/USDThe EUR/USD failed to continue its Bullish correction Wednesday, bottomed at 1.1314 and hit 1.1302.
This is a very interesting movement. As you can see on the hourly chart below, price slipped below a trend line support and the 200-Day EMA suggests the Bullish correction might have come to an end.
The bias is Bearish near term testing 1.1250 – 1.1200.
Immediate resistance is seen around 1.1400.
A clear break back above that mark could lead price to Neutral zone in near term, but would give the Bullish correction scenario another shot.
The GBP/USD attempted to push higher Wednesday topped at 1.5249, but whipsawed to the Southside and closed lower at 1.5177. The bias is neutral in nearest term. Immediate support is seen around 1.5150. A clear break below that area could trigger further bearish pressure testing 1.5100 – 1.5050. On the upside, key resistance remains around 1.5275. As long as stays below that area I still prefer a bearish scenario.
The USD/JPY had another indecisive movement yesterday. The bias is neutral in nearest term probably with a little bearish bias testing 116.85. Immediate resistance is seen around 117.60. A clear break above that area could trigger further bullish pressure testing 118.00 or higher. My major technical outlook remains neutral.
The USDCHF had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term. Important range to be closely watched remains between 0.9350 – 0.9165. A clear break above 0.9350 could trigger further bullish scenario testing 0.9550 or higher. On the other hand, a clear break below 0.9165 could trigger further bearish pressure testing 0.8900 support area.
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Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader
After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method, technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
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