Market analysis on EURUSD, GBPUSD, and USDCHF: 7th November -11th November

EURUSD: 7th November -11th November Figure: EURUSD daily chart The EURUSD pair has strongly recovered its loss to a great extent in the last week after hitting a low at 1.08541.Currently, the price is heading towards the broken trend line resistance level at 1.1155.This level is going to provide a significant amount of selling pressure to this pair since the newly formed bearish trend line and broken bullish trend line resistance also lies at the same point. Most importantly the pair has broken an important triangle chart pattern in the daily time frame and hasn’t yet completed its bearish move. Continue Reading →

General analysis about forex market: 31st October – 4th November

EURUSD technical analysis There has been a change in the medium-term uptrend in the EURUSD pair. The pair fell sharply on 11th October 2016 and have broken the rising trend line support at 1.1054.Investors were overly cautious about the medium term trend change in the pair since the 61.8% Fibonacci retracement level also coincided with the trend line support at 1.1054 level. Traders were overly cautious about the break of the important support level since there are lots of uncertainties regarding the sustained of the strength of the green bucks. However, the pair finds to manage some support near the Continue Reading →

Trading idea on major pairs: 17th October -21st October

EURUSD pair EURUSD is considered to be a most traded pair in the forex industry. Last week the pair fall heavily from the critical resistance level at 1.11988 and eventually closed at 1.09565 levels. The recent week is very important for the EURUSD pair since ECB press conference is going to play the significant role, in the next move of this pair. The near-term support for this pair is situated at 1.09105 levels. Professional traders are overly cautious in selling this pair since the U.S economy is struggling very hard at this moment. The recent interest rate hike decision is Continue Reading →

General analysis about forex market: 10th October -14th October

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EURUSD technical analysis The medium-term uptrend in the EURUSD pair still intact since it has been traded above the bullish trend line support in the last week. Currently, price is trading around the 200 and 100 days SMA and traders are expecting a strong bullish breakout in the EURUSD pair in the upcoming week. Near-term support for the EURUSD pair is at 1.10683 where the 50% Fibonacci retracement level lines. (Drawn from the low of 3rd December 2015 to the high of 3rd may 2015)A clear decisive break of the 1.10683 level is required in order to weaken the bullish Continue Reading →

Market analysis on EURUSD, GBPUSD, and EURJPY: 3rd October -7th October

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EURUSD: 3rd October -7th October  Figure: EURUSD daily chart The medium-term uptrend is at risk since the medium term secondary bearish trend line is providing significant amount out resistance near the 1.1260 level. In the last week, a bearish engulfing pattern is formed just near the bearish trend line resistance. Those who are bearish on the EURUSD pair can sell this pair setting a tight stop loss just above the 1.13000 level mark. But investors are overly cautious about selling this pair since the mighty dollar is pretty weak at this moment. The recent FOMC meeting minute has clearly declared Continue Reading →