Forex Daily Forecast, Analysis and Prediction

The EUR/USD's daily chart price action is indicative of a slight retracement to at least around 1.5050. The Bollinger Bands, Full Stochastics, StochRSI and RSI do not have any argument against that and support it a bit.

Price action on the EUR/USD shows a likely retracement to and possibly threw the popular 1.5000 line Friday.

With the Bollinger Bands, Full Stochastics, StochRSI and RSI saying the same thing on the one day EUR/USD chart, it seems like that pair is due for a retracement after yesterday's jump over the 1.5000 hurdle.

EURUSD bulls have shown their strong strength by reaching resistance level, a breakout of resistance can influence bears to surrender for a while and bulls have opened road. For now, bulls still have better opportunities.

As the market continues its sideways movement it is a good idea to keep cognizant of important key levels of S&R as well as the 50 SMA and 100 SMA. When markets move sideways for an extended period of time ensuing price action on a breach of major S&R or an MA can be quick, therefore you want to be in a position to execute.

Price action on the daily chart is close to the mental barrier of 1.5000 and each of the four technical indicators is rather high above it's centerline for the daily chart.

EURUSD new support and resistance levels are formed, it looks like wide trading range is formed between these two barriers. While candles remain in this area, further jumping is expected. For now, while support holds, bulls are in better shape.

Most majors have been range bound for the last month and some even longer then that. If you play support and resistance then your entries points are relatively defined. However, what do you trade when handles are in between S & R?

Three technicals on the EUR/USD are slightly above the centerline. The Bollinger Bands, Full Stochastics, and RSI are saying there is a likely gently down moving trading day in store for the 24th.

EURUSD candles have been locked between support and resistance levels for a long time now. By each rebound by support level, this barrier gets stronger and more significant for bears side. Today we can expect short term upswings towards resistance level. Just below support level, bears can feel more confident.

Range bound trading continues. It is especially obvious when MA is moving horizontal. Notice on the daily Cable chart below that the 50 SMA has been horizontal since late July while the 100 SMA turned horizontal in late September.

The Bollinger Bands, Full Stochastics and RSI are venturing above their centerline on the one day charts while the StochRSI is remaining close to it's centerline.

The EUR is sputtering once again after failing twice to gain momentum after breaching 1.50. We are closing in on some very pivotal handles on the EUR. Moving Averages are important not only because what they represent but also because they are very closely monitored by forex traders. The implication of investors all buying or selling based on a particular occurrence is that price will move substantially, such that significant PNL can be generated.

Recent one day chart price action for the EUR/USD has show the pair has a affinity for the 1.4920 area. With no hard hitting news for this pair on November 20th the EUR/USD is likely to stay surely under the 1.5000 line.

EURUSD bears and bulls calmed down, at the moment situation is very silent with low movements. However, according to bulls activity, they do struggle to reach resistance level. For now waiting action remains for this pair.