Forex Daily Forecast, Analysis and Prediction

The Pound has been range bound for some time. It is trading between 1.6650 and 1.61. Price action above or below those levels has lead to a number of false breakouts.

EURUSD resistance level is formed at lower level now, at 1.4856. This pair remains negative, selling actions are better to look into.

By: Bradley C. Smith
The distance Bollinger Bands, Full Stochastics, StochRSI and RSI have strayed, tell me the EUR/USD is oversold on the daily and 3 hour charts.

Bears and bulls have calmed down and low trading range is formed for this pair at the moment.

No power at all, bulls and bears are sleeping by the support level.

Resistance is broken but bulls are not feeling very well above this barrier. False break is possible, where prices will be pushed back to resistance once again.

Support level stays as major factor for bears, this is a strong barrier in order to continue its current movement downside.

Resistance level looks like is very strong barrier for bulls, potential breach by this level couldn't occur. While this barrier holds, bulls have issues in order to extend their current uptrend movement.

The AUD continues its recent retrace. Many traders use different time frames for different currency pairs. The longer the time frame the more valid the pattern you are charting is.

EURUSD strong movement downside is continued, at the moment candles are formed in very low trading range.

After new highs, concentration is formed by resistance line. While support stays active, buying options are better to look for.

Bouncing between support and resistance levels are still possible further.

Concentration around support level is extended, bears and bulls can decide which direction to take.

We have noted several times a formation we refer to as a Step pattern. More commonly this is identified by Lower Lows and Lower Highs and vice versa.

EURUSD became bearish and negative trend began. Under 1.4874 price level, it is better to take short positions.