Forex Daily Forecast, Analysis and Prediction

Bollinger Bands, Full Stochastics, StochRSI and RSI when attached to the daily chart, all want the EUR/USD pair to rise up from it's 2 month low region. Price action shows some resistance around 1.4600, a nice round number, which often has a strong psychological effect of delaying a pair's passing threw or not allowing it to pass.

The EUR is perilously close to falling into a tailspin. We have been stating for some time that a candle appearing below the 50 day Moving Average (MA) would generate a strong signal for a Short entry. As you can see in the Graph below that signal occurred last week, with the 50 day MA currently holding at 1.4880 while the EUR is trading at 1.46.

Price action of the last four days has had higher lows, this pair is moving up. Bollinger Bands, Full Stochastics, StochRSI and RSI when put to the daily chart for the EUR/USD all are ready to lift it up.

EURUSD-Although currency price doesn't change for some time, the situation is bearish because trend is still negative. So it's quite difficult for the bulls to go into the market. Wait for a better option to go into the market.

The four technicals on this EUR/USD daily chart are far enough from their centerline to foretell a imminent retracement, within the next week. Bollinger Bands, Full Stochastics and StochRSI have bottomed out and if the retracement has not happened by then the RSI will be at the bottom with them as well. Price action shows a support level at 1.750, I would keep any trades made, long.

What do the technicals say today? Bollinger Bands, Full Stochastics, StochRSI and RSI all are in agreement that the EUR/USD is oversold and is ready for a bounce off of the bottom Bollinger Band moving average. Straying far from their centerlines, all in the same direction, they are due for a run back home to safety, in this case, up. Price action, I think is clear, upward.

The Greenback continues to rally and we are approaching pivotal handles across the G-10. The GBP has been range bound since the end of May, so much so, that it is the worst performing currency against the Dollar amongst the G-10 since May 25th. Currently the 100 day MA is sitting above the 50 day MA which is indicative of a falling price environment.

EURUSD negativeness for this pair is getting stronger, below support level bears are in better shape. According to previous bearish moves, support level stood as significant barrier

We are not suggesting the Dollar bulls are running wild, however, every rally in hindsight has a defining moment. Every trader on the street is aware that when the Dollar bulls get set free they are going to come charging. Even if you are a skeptic to the end just the mere massive unwinding of the carry trade would rocket the Greenback.

Bollinger Bands, Full Stochastics, StochRSI and RSI far below their centerlines, the EUR/USD is ready to ascend. With the StochRSI far below it's center line, it is ready to pop the RSI up and as a result, in a vacuum, the EUR/USD.

EURUSD after consolidation between previous support at 1.5034 and resistance 1.5135, new barriers were created. Support level at 1.4840 stands as a significant level for bears and bulls, this barrier holds bears side from further falling. At the moment a rebound back to resistance level at 1.4975 is possible. 

The EUR/USD's Bollinger Bands, do not offer much volatility to move the price away from the range bound forecast the Full Stochastics, StochRSI and RSI offer. Price action however is pleading with the pair for a significant move upward, to a stable area around 1.4950.

None of the four indicators, Bollinger Bands, Full Stochastics, StochRSI or RSI are straying far enough above their centerlines to demand a drastic movement of the EUR/USD on December 4^th. Price action does not deliver any certain signals for me on the 4^th.

Uncommonly the four technical indicators the EUR/USD's daily chart enjoys are straying quite far from their respective centerlines. The Bollinger Bands, Full Stochastics, StochRSI and RSI agree, the EUR/USD is overbought.