Forex Daily Forecast, Analysis and Prediction

EURUSD stays positive, however bulls are struggling to reach new highs, resistance level stays still active. However, further jumping is expected, but while support line holds – bulls have chances to recover. For now waiting is better option.

Price action on the daily chairts for the EUR/USD is not revealing anything. The Unemployment Claims news should get things moving on the 19th though. The forecast for those claims is not looking good for the dollar.

EURUSD bulls did manage to recover once again, support level stands as strong barrier which keeps bulls side from further falling. Buying options still remain for this pair, just below support – bulls are in danger.

The Yen has lost ground to every other currency in the G-10 except the Dollar, since March of 2009. The BOJ has always favored a weak currency as it supports their large export business which accounts for over 20% of their GDP.

All four technical indicators, Bollinger Bands, Full Stochastics, StochRSI and RSI don't seem to have anything in store for the 18th trading day on the one day charts. Price action on the one day charts seems to suggest a upward movement that many fundamental traders agree with. One day technicals though, want a range bound market on November 18th.

EURUSD despite the extreme spike low, bulls did manage to recover. Flag pattern formed after downswing, it can suggest another short term downswing, however this pair is looking positive and resistance line can be tested today.

The Aussie continues to strengthen against the Greenback and is now retesting short term resistance at .9343.

A doji candlestick on November 15 makes it clear 1.5000 still holds some strength as a resistance pointb if it was not clear already.

EURUSD bears didn't manage to enter below support zone, this action influenced bulls to step up and rebound occurred which is moving towards resistance level.

The EUR continues to struggle to break the 1.50 handle. Last week, the EUR on a daily chart, completed the formation of a double top just above resistance at 1.50 [shown in the red boxes in the chart below]

Price action on the one day charts wants some down trend action to take place. Bollinger Bands, Full Stochastics, StochRSI and RSI all agree but not strongly. I feel the 1.5000 level will hold November 16th and easily.

Both hard hitting News items for the EUR/USD pair looking good for the dollar, might mean the 1.5000 mark might last a bit longer.

Although the market is bouncing back and forwards between two barriers, resistance and support, there is a possibility for bears to create a reverse trend point.

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.