EURUSD Daily Technical Analysis and Forecast
EURUSD tested 1.18400 support yesterday and reacted from this support towards 1.19200.The ECB’s Jazbec said that tapering was inevitable, which helped buoy the exchange rate despite softer than expected inflation figures from both France and Italy. U.S. CPI was hotter than expected which initially gave the greenback a boost, but a softer than expected decline in jobless claims allowed the currency pair to rise.
The Current price of EURUSD is 1.19070. We can say that the Mid-Long trend is Bullish. But the EURUSD price could not hold above the 1.19100 of Moving Averages of 12 Days. Yesterday I wrote: ” EURUSD needs to make H4 closings above 1.19100 to continue the upside movement ”
Today, we will watch this level. Above this level, we have an important resistance at 1.19450 which is the Fibonacci Expansion 27.20%. When the price succeeds to hold above this level, we can start to speak about 1.22000 again.
On the daily chart, RSI is in the neutral zone but headed south. The more important is Stochastic. It is telling us that the price can move down a little bit more.
Our daily resistance is 1.18400.
H4 CHART: If we look at the indicators and oscillators, we will get confused. Stochastic showing upside movement, MACD is bearish and RSI is neutral.
ON H1 Chart, price is still below Moving Averages and this indicates that the strong daily upside movement has not been confirmed yet.
Summary: 1.18400 is our daily support and 1.19100 is our daily resistance. The Mid – Long term trend is Bullish. Today we can see downside attempts to break 1.18400.
We will set up pending BUY order at 1.18400 or we will add additional LONG orders if the price closes above 1.19100.
EURUSD tested 1.18400 support yesterday and reacted from this support towards 1.19200.The ECB’s Jazbec said that tapering was inevitable, which helped buoy the exchange rate despite softer than expected inflation figures from both France and Italy. U.S. CPI was hotter than expected which initially gave the greenback a boost, but a softer than expected decline in jobless claims allowed the currency pair to rise.
The Current price of EURUSD is 1.19070. We can say that the Mid-Long trend is Bullish. But the EURUSD price could not hold above the 1.19100 of Moving Averages of 12 Days. Yesterday I wrote: ” EURUSD needs to make H4 closings above 1.19100 to continue the upside movement ”
Today, we will watch this level. Above this level, we have an important resistance at 1.19450 which is the Fibonacci Expansion 27.20%. When the price succeeds to hold above this level, we can start to speak about 1.22000 again.
On the daily chart, RSI is in the neutral zone but headed south. The more important is Stochastic. It is telling us that the price can move down a little bit more.
Our daily resistance is 1.18400.
H4 CHART: If we look at the indicators and oscillators, we will get confused. Stochastic showing upside movement, MACD is bearish and RSI is neutral.
ON H1 Chart, price is still below Moving Averages and this indicates that the strong daily upside movement has not been confirmed yet.
Summary: 1.18400 is our daily support and 1.19100 is our daily resistance. The Mid – Long term trend is Bullish. Today we can see downside attempts to break 1.18400.
We will set up pending BUY order at 1.18400 or we will add additional LONG orders if the price closes above 1.19100.
