General analysis about forex market: 28th November -2nd December

EURUSD technical analysis There has been a nice sign of recovery in the EURUSD pair in last week as the pair formed a nice bullish reversal pattern in the daily chart after hitting the critical support level at 1.05151.The recent strength of the US dollar has pushed all the major currencies in the forex market towards a new low in the very beginning of the month of September however the ongoing strength of the green bucks has faded to a certain extent in the last week. If the critical support level at 1.05151 manages to give some fresh buying pressure Continue Reading →

General analysis about forex market: 21st November -25th November

EURUSD technical analysis There has been a massive drop in the EURUSD pair in the last week and currently the price is testing one of the most critical support levels in the market. If the critical support level at 1.05707 fails to restrict the bearish momentum of the market then we can assume another large drop in price which might even exceed 400 – 500 pips. On the contrary, if the pair manages to find some fresh buying pressure at the current level then we can assume a minor correction in the pair towards the first critical resistance level at Continue Reading →

General analysis about forex market: 14th November -18th November

EURUSD technical analysis There has been a huge drop in the EURUSD pair in the last week in the event of the presidential election. The pair fell sharply after hitting a critical resistance level at 1.1300 level. From that levels, the pair has cleared all the important Fibonacci retracement support levels in the daily time frame. The bullish Fibonacci retracement level was drawn from the low of 2nd December 2015 to the high of 2nd may 2016.Currently, the price is trading below the 61.8% retracement level which is at 1.09398.Professional price action traders are looking for a minor retracement in Continue Reading →

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 →