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Forex - EUR/USD Technical Analysis

The main trend is up according to the daily swing chart. A trade though 1.0906 will reaffirm the uptrend.

The major range is 1.1299 to 1.0339. Its retracement zone is 1.0819 to 1.0932. The Euro is currently trading inside this range zone. Trader reaction to this zone will determine the longer-term trend of the market. A sustained move over the Fibonacci level at 1.0932 will indicate the presence of strong buying. A sustained move under the 50% at 1.0819 will signal that sellers are still running the show. Happy Forex Trading

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Forex Trading - USD/JPY Fundamental Forecast

Over the week-end, U.S. navy ships remained near the Korean Peninsula in a show of force. Also, North Korea attempted to launch a test missile, but the move failed when the missile exploded about 5 seconds after launch.

We expect to continue to see pressure on the USD/JPY because of the uncertainty over whether the situation in North Korea will escalate into military action. If this uncertainty continues to grow then look for increased demand for the Japanese Yen. Happy Forex Trading

Forex - EUR/USD Daily Technical Analysis

The EURUSD exchange rate is testing support seen near an upward sloping trend line that connects the lows in January to the lows in March and comes in near 1.0595.  A close below this level would see a test of the March lows at 1.0545.  A break through this level would target the January lows at 1.0340.  Resistance is seen near the 10-day moving average at 1.0702.

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Forex Strategy - EUR/USD Technical Analysis

Based on the current price at 1.0646, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the longer-term Fibonacci level at 1.0651. The current set up suggests any rallies are likely to be difficult and labored and that the way of least resistance is down.

A sustained move under 1.0651 will indicate the presence of sellers. The first target is an uptrending angle at 1.0614. If this angle fails then look for an acceleration into the next uptrending angle at 1.0569. This is the last potential support angle before the 1.0524 main bottom.

Overcoming and sustaining a move over 1.0651 will signal the presence of buyers/suport. This could lead to a quick rally into a steep downtrending angle at 1.0668.

Overtaking 1.0668 could trigger a jump into 1.0700, 1.0704 and 1.0715.

The 50% level at 1.0715 is the trigger point for an acceleration to the upside. If the buying is strong enough then we could see a rally into the next downtrending angle at 1.0788.

Watch the price action an read the order flow at 1.0651 all session. Trader reaction to this level will tell us if the buyers are stepping in to stop the price slide.

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