Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Here we can see that yesterday, we had a nice run up and down and thats what has been happening in the past 1 week on all pairs. They have been ranging very nicely which is like hell for the swing traders and a dream come true for day traders.

Anyway, coming back to this pair, this broke through crucial resistance at 1.3916 and had a nice run up to close to 1.4 where is a major psychological resistance. After that, it meandered around aimlessly for sometime as it was caught between support at 1.3916 and resistance at 1.4. In the last few hours, we have seen that the support at 1.3916 has been broken and it looks like a convincing break to me.

We might have a visit back to 1.3920 pretty soon and that will be crucial. If the visit back to 1.3920 leads to a break, then we are in for more upside. Else, we will be seeing more downside with 1.3920 acting as resistance.

On the upside, the resistances are at 1.3920 and then a major one at 1.4 and then at 1.41.

On the downside, the supports are at 1.3885 and then at 1.3825.

For today, as said above, the visit to 1.3920 will be crucial but my gut feel is that EU has more downside than upside today.

Fxstreet Analyst

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Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. The tough ways of trading continues in all the pairs with all of them ranging within specific price ranges making it a nightmare for swing traders and a dream come true for day traders. Like in other pairs, this pair also rose nicely yesterday and went upto the strong resistance at 1.3916.

There has been previous resistance around this area and this proved to be a very tough resistance to break once again. Several attempts were made to break this resistance, as can be seen from the chart, but all of them failed. As you can see from the charts, the subsequent attempts at breaking this resistance was being done at lower and lower volume which means that the buyers were being dried up slowly and once the buyers were all dried up, the price fell.

For today, 1.3916 would be crucial. A clean break of this would lead to higher prices in this pair but unless this price is broken, we should see more downside.

On the upside, the resistance is at 1.3916 and if this does get broken, the next resistance is at 1.4.

On the downside, the support is at 1.38 which is quite a strong support and then at 1.3750.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. For most part of the day yesterday, this pair was ranging but it was clear that it had a bearish bias. Finally, during the US session, this pair broke down and also broke through an important support at around 1.38. This price area had been serving as a very strong support for quite some weeks now.

The fact that this support area has been broken leads us to the premise that more downside is possible in this pair. For today, i expect a slight retrace back to 1.38 and then for the fall to continue.

For the downside, the supports are at 1.3745 and then at 1.3672. A break of this support would lead the price to go down to 1.3430.

On the upside, the resistances are at 1.38 and then at 1.3850. For today, i expect more movement downward and i do not expect 1.3850 to be broken.

Updates on Signal Service

Last week was a very rough and tough week for a lot of traders including me. The Monday started off very badly with us losing a little more than 300 pips for the day. We recovered more than half of that during Tuesday. Wednesday was bad again with us losing about 180 pips but we made that all up on Thursday. We again made more than 100 pips on Friday which ensured that we lost only 100 pips for the whole of the week.

To compensate for the people on trial and paid service, i decided to extend the trial for those already on trial, by a week and also extended the period for the paid subscribers for a couple of days.

Today was again a good day with us making close to 100 pips for the day. I have reduced the number of calls but increased the success percentage. So, a bit boring as the number of trades is less but i would rather take a boring successful day rather than an exciting losing day...

I would continue my posting of analysis from tomorrow.

Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. Like EURUSD, it has also made a nice retracement and has been making its upward march for the past few days. True to its character, we have had some violent moves in this pair this week with both the move down and the subsequent move up being equally violent. Honestly, at the beginning of the week, i expected this pair to move down a lot but it has shown surprising strength and has come right back up to its previous top.

This pair is now at a crucial point. The previous top is nearby at 1.6650. It was from here that we had a 800 pip drop the previous time. Now, we need to see whether this top is going to be taken out or not. If it is not, then we are again going to go down. If this top is indeed taken out, then we are on our way again to very high levels.

On the downside, we have good support at 1.6540 and then at 1.6480 and finally at 1.6420. This price should prove as a very strong support and i dont see price going down below this today.

On the upside, as pointed out above, we have huge resistance at 1.6620 and then a bigger one at 1.6661. If this is taken out, then we should have atleast a 300-400 pips move above in the next few days.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. This pair has been showing some amazing strength for the past few weeks and we can see that this pair just does not seem to want to go down. All dips in the price have been just retracements and they have been bought by buyers who have just used the dips to buy at lower prices. This pair has not rarely gone down below 1.38 over the last few weeks and this looks good for more.

As for yesterday, again we had a nice retracement and then the price has again come right back up. The bullish pin bar at the bottom of the retracement was a good indication that the price was going to reverse and move back up, which it did. I would expect more upside today.

On the downside, there is good support at 1.4088 and this support has not been broken for the past few hours. If this support does get broken, then we should be going down to 1.4050 and then to 1.4000.

On the upside, there is resistance at 1.4160 and then at 1.4220 and then a major resistance at 1.4343 where we can see the previous top.

For today, 1.4088 would be crucial. If this is broken, then it would be a bearish day and we will be going down today else if this is not broken cleanly, we should be moving up.