Forex Daily Forecast, Analysis and Prediction

Unemployment claims are expected to be about the same as they were last week, so lets look to the technicals for the EUR/USD.

Candles remain between support and resistance levels, while support level stays active – bulls have more options at current situation.

Perspective is quite valuable regardless of what instrument or product you trade. Your forex trading style will vary when range trading versus trading in trending markets. The Chart below is a monthly candle on the GBPUSD.

The RSI, StochRSI, Full Stochastic and Bollinger Bands all have the same verdict on the daily chart. They agree the EUR/USD should move down a bit, I feel to the 1.4900 range.

EURUSD bulls are successfully climbing up, while new support level stays active, bulls have more possibilities at current situation.

The EUR now looks poised to continue its breach of resistance and head north to 1.5265. One of the factors that we consider when looking for technical entry and exit points is the speed at which price is moving.

Bollinger Bands and the RSI speak of a gentle downward movement on the 10th, while the StochRSI and Full Stochastics want a rangebound day on the daily chart.

USDJPY concentration by support level can show bears stronger activity rather then bulls. For now waiting option is better in order to confirm a possible breakout by support level.

Very erratic movements, it looks like that bulls and bears can easily change the direction.

USD/JPY: The Dollar Yen has been relatively volatile as of late. On the chart below there are levels of support and resistance indicated by the bright green horizontal lines. We have now tested 89.90 twice on the close.

EURUSD bears couldn't stay below the resistance level, and bulls once again made a strong positive slide by breaking the resistance level.

With neither the Bollinger Bands, Full Stochastics, StochRSI or RSI straying far enough from the centerline on the daily chart.

This pair did calm down now after a breakout of resistance level, concentration after previous positive movements, can initiate further upside slide.

The two most powerful news items for the EUR/USD today on November 6th should contradict each other, so I look to the technicals.

This pair is trapped between resistance and support levels for a long time, while candles remain in this neutral area, further jumping is expected.