Forex Daily Forecast, Analysis and Prediction

The EUR/GBP approaches the end of the week bouncing off last month's low. It is also bouncing off the Weekly S2 Reversal Pivot as well as the Daily S1.

Friday has left us with a bearish EUR/JPY sitting on the Monthly S1 Pivot, the Weekly M1 Pivot and we just poked yesterdays low.

This pair looks a bit iffy to me. It is bouncing off the Daily 21 ema as well as the Weekly M1 and just bounced off the Daily S2 Reversal Pivot.

The EUR/USD begins its NY session bouncing off the Weekly 144 ema. Lower Bollingers are pointing down on the weekly, 5 ema is crossing below the other ema's, Stochastics is crossing down.

This pair appears to be in the beginning of a breakout if watching it on a Weekly chart. It has busted and retested the weekly Trend line.

The EUR/GBP pair has been stuck in a range roughly between 0.8650 and 0.8850 since the middle of July and has come close to breaking out of its box a half dozen times. But today we have what I think is the best chance yet with a 150 pip bearish engulfing candle formed off of resistance at 0.8800.

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Today the EUR/USD looks very similar to how it looked yesterday. the price is just above what has been a very strong line of support at the very powerful psychological level of 1.4.

GBP/USD still has a very bearish appearance to me. Speed and momentum appear to be very strong to the downside.

EUR/GBP continues to look very bullish to me. Price continues to make higher highs and higher lows, shorter term ema's are crossing through

Taking a look at EUR/JPY pair we are obviously in a period of consolidation and we continue to be range bound.

The Aussie has been very bullish but it looks to me like this uptrend is beginning to stall out a bit.

Today's daily candle chart for the Aussie formed a strong bullish engulfing candle closing above the former resistance zone at 1.569.

Looking at the weekly it appears that price is setting up for continuation to the upside. The weekly Stochastic is in the trade zone crossing up.

I am seeing some evidence that the USD/JPY may become a bit bullish since the USD/JPY recently double bottomed just above the weekly M3, a bullish sign to me which points to JPY weakness with this pair, and of course in my EUR/GBP review I did point out EUR weakness and I have recommended EUR/USD shorts.