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2013.03.20 : Forex Signal Analysis: The final push lower or renewed strength for the down trend?
EUR/USD
According to our forex signal analysis, yesterday’s rally was stopped by the resistance located at 1.3000 and the pair started to move lower although the German ZEW Economic Sentiment survey posted better than expected numbers (48.5 from a forecast of 47.9) and this would normally drive the pair higher.
The pair had another day characterized by sideways movement although the Producer Price Index came out at 3.2%, surprisingly better than the expected 1.7%. However, this failed to take price higher and was almost overlooked by market participants.
2013.03.21 : FX Technical Analysis: Deciding a direction
EUR/USD
According to the fx technical analysis, the break below 1.2880 proved to be a false one and the pair reversed soon after. The US Federal Funds Rate remained unchanged as anticipated and the Press Conference failed to deliver the expected volatility and strong movement, probably because the London session was closed at that time.
Yesterday’s trading was made difficult by a lot of whipsaws and reversals generated by the UK economic data. Both the resistance at 1.5140 and the support at 1.5080 were pierced but price failed to maintain a direction and it is now once again confined between the two levels.
2013.03.22 : Forex Day Trading: Finishing the week in a range-bound market?
EUR/USD
Yesterday’s forex day trading session didn’t bring any clear hints about direction like we expected because it failed to break 1.2880 and started to retrace higher after a bounce from the mentioned level, only to fall again towards 1.2880 later in the afternoon. The early morning European economic numbers were worse than expected and this triggered the initial drop into support but the US data was mixed, a fact that contributed to the move up seen later in the session.
The pair moved higher during yesterday’s trading session and it now appears to have broken out of the channel it was trading in. The UK Retail Sales came out at 2.1%, much better than the expected 0.5%, a fact which strongly contributed to the Pound’s strength.
2013.03.25 : Forex Support and Resistance Levels: Confirming the break of resistance
EUR/USD
According to the analysis of the forex support and resistance levels, on friday the pair traveled almost the entire distance from the lower part of the horizontal channel (1.2880) to the upper part (1.3000) but failed to break out and we still consider we are trading a range bound market.
The pair continued higher during Friday’s trading session and the week ended with price sitting on the important level of 1.5220. Last week’s better than expected UK Retail Sales definitely helped the Pound in its attempt to break the resistance at 1.5140.
2013.03.26 : Financial Market News Today: End of the crisis? Not by far…
EUR/USD
According to the financial market news today, the Cyprus crisis was resolved, but maybe the best solution was not chosen: bunk depositors with accounts larger than $100,000 are going to incur heavy losses on their accounts in order to help the Cypriot nation. This is unprecedented and opens the door for a lot of uncertainty in the future. In the first part of the trading session, the Euro strengthened because an agreement was reached, but soon market participants realized this doesn’t mean the end of the crisis, especially since the solution is such a controversial one.
The pair moved lower yesterday, but the sell off was not as violent as the one seen in the EUR/USD pair. Although a move below 1.5220 and a touch of 1.5140 was experienced, future movement is still surrounded by uncertainty.
If you are into the opening range breakout trading, the pair struggled yesterday to break the heavy resistance located at 1.2880 but failed in all its attempts. The same thing happened when price tried to break the newly formed support at 1.2843 and the result was a day with sideways and difficult to trade price action.
The pair remained under 1.5220 and attempted to break 1.5140, but that support proved too strong for price to break during yesterday’s trading session.
2013.03.28 : Daily Forex Technical Analysis: The new low signals renewed Bear control
EUR/USD
According to our daily forex technical analysis, the pair had a totally bearish day and the lower barrier of the range, represented by the minor support located at 1.2843 was broken early yesterday morning, a fact that triggered the drop towards 1.2750.
The pair also had a bearish day yesterday and the drop was triggered by the worse than expected UK Current Account. The actual number was -14.0B while the forecast was -12.8B and this greatly weakened the British Pound.
2013.03.29 : Major International Banks: Almost all Major Banks are closed today. Thin volume is expected
EUR/USD
According to the Major International Banks, most major banks will be closed today. Yesterday the pair failed to break the low formed a day earlier and instead just managed to print a double bottom before moving higher for another touch of the resistance at 1.2843. The US Unemployment Claims numbers were worse than expected and this fact weakened the greenback, allowing the pair to move higher.
Yesterday price action totally disregarded the level of 1.5140, moving first above it, returning below and then once again above it. The trading session finished with price inside 1.5140 and 1.5220 but the day was a bullish one.
The last day of the previous week of the foreign exchange market was characterized by very little activity due to the fact that almost all major banks were closed celebrating Good Friday. Although the US banks were active and some economic indicators were released, the pair moved in a narrow 40 pip range.
2013.04.02 : Forex Trend Scanner: Overbought territory is likely to generate lower prices
EUR/USD
With the help of our forex trend scanner, surprisingly the pair had quite an active trading session during Easter Monday and the worse than expected US ISM Manufacturing PMI (actual 51.3 from a forecast of 54.2) weakened the US Dollar, allowing the Euro to push the pair higher.
The US Dollar weakened against the British Pound too, although not as much as it did against the Euro. Overall yesterday’s trading session was quiet and price slowly climbed above 1.5220.
2013.04.03 : Japanese Candlestick Charts: Bearish control once again?
EUR/USD
According to the Japanese candlestick charts, the pair had an overall bearish day, retracing lower from the overbought area, but the movement was a slow one, with low volatility. However, price managed to return below 1.2843 and at the moment, it looks like the mentioned level is resistance once more.
The pair had a major drop following a double top pattern at 1.5260. UK’s Manufacturing PMI was worse than expected, a fact which had a big influence on the pair’s sell-off.
2013.04.04 : Daily Forex Review: Today’s major market mover. the ECB Press Conference
EUR/USD
According to our daily forex review, during yesterday’s trading session the pair bounced higher from the uptrend line we mentioned, with help from the better than expected Euro Zone Consumer Price Index (1.7% from the anticipated 1.6%) and worse than expected US ADP Non Farm Employment Change (158K from the anticipated 203K).
2013.04.05 : Forex Market Analysis: The calm after the storm?
EUR/USD
According to our forex market analysis, although the Euro interest rate remained unchanged, the market had a major whipsaw after Mario Draghi’s comments made at the Press Conference that followed the Rate announcement. But after a bounce from the 1.2750 level, the pair started to move unexpectedly higher, gaining more than it lost in the first place.
Yesterday the pair dropped in the first part of the day and then rallied about 160 pips, creating a whipsaw and an overall difficult to trade environment. Both the Asset Purchase Facility and the Official bunk Rate remained unchanged but the pair was highly affected by the EUR/USD developments.
2013.04.08 : Confirming the change of the forex trend
EUR/USD
Based on the forex trend, last week was very important for the pair and we might have experienced the end of the down trend. Although the Euro Interest Rate remained unchanged, the ECB Press Conference generated a massive spike down followed by an extremely bullish move. Friday’s worse than expected US Non Farm Employment numbers generated US Dollar weakness and consequently price moved higher for a touch of 1.3000.
The pair also rallied towards the end of last week on the back of US Dollar weakness generated by the worse than expected Non Farm Employment numbers. The correlation between the two analyzed pairs had an important role to play throughout the last week.
2013.04.09 : Forex Support and Resistance Levels: Minor resistance sits in front of the bulls
EUR/USD
As anticipated according to the forex support and resistance Levels, the pair failed to break yesterday the minor resistance established at 1.3040 and had a ranging trading session. The German Industrial Production numbers came out slightly better than anticipated (0.5% from a forecast of 0.4%) and this fact contributed to the bullish movement seen throughout the first part of the London session.
For almost the entire duration of yesterday’s trading session, price moved lower and touched the level of 1.5260 but failed to break it, confirming the fact that this level has now turned into support.
2013.04.10 : FX Foreign Exchange: Slowly but surely the downtrend comes to an end
EUR/USD
According to the analysis of the FX foreign exchange market, during yesterday’s trading session the minor resistance formed at 1.3040 was decisively broken and overall price moved on a bullish trajectory. The level of 1.3000 is now confirmed support once more given the fact that price tried to move below it but failed and started to move higher as a consequence.
Although the pair also had a bullish day, price did not manage to break the minor resistance formed at 1.5363 but the bounce higher after a touch of 1.5260 confirmed the fact that this level is now support. The UK Manufacturing Production was better than expected (0.8% from a forecast of 0.4%) and its value contributed to the Pound’ strength.
2013.04.11 : Forex Trading Analysis: No major bearish signs are present – higher prices anticipated
EUR/USD
The FOMC Meeting Minutes were released much earlier than scheduled yesterday (scheduled at 6:00 pm GMT but released at 1:00 pm GMT) according to our forex trading analysis. In fact the Minutes were already received Tuesday, by about 100 Congress employees and employees of trade groups. A Fed spokesman told CNNMoney the reason behind this leak was a “human error” and it was “entirely accidental”. As a result the Federal Reserve decided to release them earlier for the large public too.
The pair posted another strong rally yesterday and managed to come close to the resistance located at 1.3160 after a test of 1.3040 support, this shows that a lot of system has profit taking strategies in place. Although the US Unemployment Claims numbers came out better than expected (a fact that usually strengthens the US Dollar), the pair continued its overall bullish movement.
2013.04.15 : Bouncing between forex Support and Resistance levels?
EUR/USD
During Friday’s trading session the price has been bouncing between forex support and resistance levels, the price had another encounter with the support located at 1.3040 and once more this level proved to be a strong one, rejecting price higher. However, the high of the day couldn’t be surpassed and the day ended close to where it started.
Although Friday the pair experienced a bearish day, completing a retracement into the 1.5340 support zone, we expect price to move higher during today’s trading session.
2013.04.16 : Price action Forex– Highly influenced by the Fundamental aspect
EUR/USD
Monday’s price action forex was characterized by indecision and slow movement. The pair dropped in close vicinity to the resistance located at 1.3040 before starting to climb again towards the opening price of the day. However, later in the day price fell again and touched 1.3040.
Unlike its sister pair, the GBP/USD moved lower for almost the entire duration of the day, breaking the support created at 1.5340 and heading towards the important level of 1.5260.
