Forex Daily Forecast, Analysis and Prediction

What do the technicals say today? Bollinger Bands, Full Stochastics, StochRSI and RSI all are in agreement that the EUR/USD is oversold and is ready for a bounce off of the bottom Bollinger Band moving average. Straying far from their centerlines, all in the same direction, they are due for a run back home to safety, in this case, up. Price action, I think is clear, upward.

The Greenback continues to rally and we are approaching pivotal handles across the G-10. The GBP has been range bound since the end of May, so much so, that it is the worst performing currency against the Dollar amongst the G-10 since May 25th. Currently the 100 day MA is sitting above the 50 day MA which is indicative of a falling price environment.

EURUSD negativeness for this pair is getting stronger, below support level bears are in better shape. According to previous bearish moves, support level stood as significant barrier

We are not suggesting the Dollar bulls are running wild, however, every rally in hindsight has a defining moment. Every trader on the street is aware that when the Dollar bulls get set free they are going to come charging. Even if you are a skeptic to the end just the mere massive unwinding of the carry trade would rocket the Greenback.

Bollinger Bands, Full Stochastics, StochRSI and RSI far below their centerlines, the EUR/USD is ready to ascend. With the StochRSI far below it's center line, it is ready to pop the RSI up and as a result, in a vacuum, the EUR/USD.

EURUSD after consolidation between previous support at 1.5034 and resistance 1.5135, new barriers were created. Support level at 1.4840 stands as a significant level for bears and bulls, this barrier holds bears side from further falling. At the moment a rebound back to resistance level at 1.4975 is possible. 

The EUR/USD's Bollinger Bands, do not offer much volatility to move the price away from the range bound forecast the Full Stochastics, StochRSI and RSI offer. Price action however is pleading with the pair for a significant move upward, to a stable area around 1.4950.

None of the four indicators, Bollinger Bands, Full Stochastics, StochRSI or RSI are straying far enough above their centerlines to demand a drastic movement of the EUR/USD on December 4^th. Price action does not deliver any certain signals for me on the 4^th.

Uncommonly the four technical indicators the EUR/USD's daily chart enjoys are straying quite far from their respective centerlines. The Bollinger Bands, Full Stochastics, StochRSI and RSI agree, the EUR/USD is overbought.

EURUSD positive trend remains for this pair, above this barrier buying options are better to look for. However in order to reach new highs for bulls side, 1.5120 barrier needs to be broken. At the moment, bulls have enough confident to extend their current move.

Price action on the EUR/USD's one day chart has it ready to enjoy a small trip down to around 1.5050. The Bollinger Bands, Full Stochastics, StochRSI and RSI are far enough above each of their centerlines to signify a retracement to around the 1.5050 level on December 2^nd.

EURUSD bulls have shown their strength, resistance level was a strong barrier for bulls side. Above this barrier, bears are in danger whereas bulls are controlling the current situation. Buying options are better to look for but it should be done with a care.

Fibonacci tools never cease to amaze me. The question becomes do they predict or become a self fulfilling prophecy? In the end it may not matter.

Bollinger Bands, Full Stochastic and RSI hint at a slight downward movement on the daily while the StochRSI looks like it is happy to see things stay where they are. Price movement for the EUR/USD's daily chart does not offer any solid clues. Lets turn to the three hour chart then.