Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Yesterday, it had been pointed out that 1.3920 would be the crucial price and any break of that would lead to higher prices. Thats what had happened. We had a nice break of 1.3920 and then we saw price moving up very fast. It looks like we are getting close to the day when the range, which has been there for the past couple of weeks, might be broken.

So, we have had price move through resistances at 1.3920 and then 1.3980 and a psychological resistance at 1.4. This pair now looks good for more.

There are lot of resistances very closeby and it would take a lot of wood to be chopped for it to keep moving higher. On the upside, we have resistances at 1.4070, then at 1.41 and then at 1.4130, all of which are quite strong resistances. Then we have the major resistances at 1.4230 and at 1.4330.

On the downside, we have a very strong support at 1.3980-1.4 and i do not expect this support to be broken for today. If it indeed does get broken, then we can see price moving down to 1.3920 again and again we can see the start of some more ranging !!

Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. Like EU, this pair also had a nice fall from its highs yesterday. This is probably the third or the fourth time that the price has fallen from the highs at around 1.66 and this shows that this resistance region is very very strong. But as more and more attempts are made at this resistance region, it will become weaker and weaker and it will eventually have to break and give way. Lets see how many more attempts are going to be made at this resistance.

Attached is the 4H chart as well and you can see repeated attempts being made at the resistance at 1.66 and finally the price failed to break it and hence it fell down. Since then, the price has moved down to around 1.63 which has been a region of support and lot of traffic as well and then we have had the bounce up now.

As for today, i would expect some more movement down and this move down could go down as far as 1.63. 1.64 would be quite crucial and if it does break, then we should go down to 1.63.

On the downside, as mentioned above, we have support at 1.64 and then at 1.6350 and then at 1.63. On the upside, we should have resistance at around 1.6460 and then at 1.65, 1.6540 and then a huge resistance at 1.66 which i dont expect to be broken, atleast today.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Yesterday, this pair had a very nice drop after it touched one of the major resistances close to 1.42. I have attached the 4H chart for this pair as well. In this, we can clearly see the pin bar at the top. Pin bar from a region of resistance after a swing high. A perfect setup to go short. And as you can see, we had a nice drop from the top.

This drop continued after the news as well and of late, we find that the price has not bounced nicely from the support at 1.3920. Beautiful price action, nothing else.

As for today, i would expect some more recovery in the price of EU and expect some more ranging during the day. I would be very surprised if 1.3920 is broken and so, any approach to 1.3920 would be an excellent place to go long.

On the downside, we have supports at 1.3920 and then at 1.3880 and then 1.3830. On the upside, we have resistances at 1.40 and then 1.4050 and then at 1.41. Hmmm...Dont we seem to be at the same place where we were a couple of days back ? Same place, same SR. More Ranging !!

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As was predicted yesterday, the price broke through 1.3920 and made a big run up. It did face a huge resistance near 1.4 but it did manage to break through that as well after the US news was released.

The main point to note here is that this pair has now taken out 1.40 and also 1.4038 which had been a previous high as well. It now faces some resistance at 1.41.

I expect this pair to go down to 1.4038 which should now serve as good support and then expect it to move through 1.41 and then further upwards. I would long this pair if and when it reaches 1.4050.

On the upside there is reistance at 1.41, 1.4160 and then at 1.4221. On the downside there should be good support at 1.4038 and then at 1.40. I do not expect this pair to go down below 1.40 today.

Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. This pair had a big fall yesterday. The last couple of weeks have confirmed the fact that 1.66 would be the medium term top for this pair and there cannot be any more upside to this pair unless and until 1.66 is broken.

As can be seen from the chart, this pair is now near a decent support and i expect some more ranging around this area. For today, i would expect a retrace to about 1.6380 and then the fall should continue again and i expect the price to go down to atleast 1.62 where a huge support exists.

On the upside, there is resistance at 1.6350 and then a strong one around 1.6380-1.64. I would expect price to reach around this region sometime during the day.

On the downside, there is support at 1.63. A break of this could lead to price moving down to 1.6240 and then to 1.6180-1.62 where a huge support exists.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. This pair has shown amazing resilience amidst the fall in almost all other pairs. Due to this, all the euro pairs have had significant gains yesterday.

Yesterday, 1.38 has served as very good support and this price seems to be serving as good support even now. As predicted, 1.3920 has served as good resistance and we did not see price going up above that for the whole of yesterday. We also saw this pair breaking through another important support at 1.3884 and since that break, we have seen this pair ranging between 1.38 and 1.3885.

On the upside, we have small resistance at 1.3865 and then a strong ones at 1.3885 and then at 1.3920. We can expect more upside only after break of 1.3920.

On the downside, there is huge support around 1.38. A break of this price could see price heading down to 1.3750.

For today, i would expect more ranging between 1.38 and 1.39 until 1.3920 is taken out. After which i expect more upside.

Intraday Signal for EURGBP

Attached is the 4H chart for EURGBP. As can be seen, there is a huge pin bar on this chart. The location is also good as the pin bar is off an area of previous support and also there has been a strong MM level at 0.8423.

Already, this bullish pin bar has yielded about 50 pips but it looks good for more after some minor retracement.

The next chart is the 1H chart which seems to throw a spanner in the works as you can see a very high volume bar taking the price to 0.8477 but the bar finishes in the middle and the high of this bar has not been broken yet. A break of this will lead to more upside on this pair.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. The week has begun a bit confusingly as a lot of people would have expected GU and EU and other pairs to continue their upside movement from last week. But today morning, we find that all the pairs have been dropping down, especially EU.

As can be seen from the chart, EU broke through important support at 1.3916 again and is now trading below it. We can also see that the break was quite good as it was done through a large bar (as usually happens with good breaks of SR) and the volume is also quite high for the Asian session.

It should be interesting for the rest of the day on how this break plays out. We have to see whether this break holds or whether it is going to range with a range of 100 pips as it has been doing for last few days or whether it is the typicaly Monday morning 'cheater' and we are going to shoot right back up.

As usual, 1.3920 would be crucial. A clean break of this should lead to more upside.

On the upside, the resistances are at 1.3920 and then at 1.4. On the downside, the supports are at 1.3885 and then at 1.3855 and then at 1.38. I would expect more ranging today and any approach to 1.3855, we can go long and any approach to 1.4, we can go short.