• EUR/USD Weekly Outlook and Trading Idea

    Our entry point at 1.3010 was elected last week and we are now bullish. The decline from the early March top is a bit faster than we wanted to see, but still it remains a clearly corrective move. And the wave structure from the July 2012 low still favors the Diametric formation which means the current decline will end in the next 2-3 weeks and will likely bring higher prices. Based on the price relationships between the waves from the July 2012 low, we think that wave D is likely over in terms of price and a move below 1.2870 level seems unlikely at this stage. So, most likely we will see sideways trading for a week or two before the next leg higher (wave E) starts...
  • Spot EUR/USD Forecast for 02/26 by Daytradeideas.com

    EURUSD made it much further than expected to 1.3314 but then collapsed. We are just holding on to support in the 1.3060/40 area & could see a bounce back to 1.3132, possibly 1.3190/00. Here we could hit selling pressure so watch for a high but a push through 1.3240 could see us reaching 1.3282/96. We are back in the long term down trend so any rally is expected to be short lived. A break below 1.3030 is very possible for 1.3000. Below here we could fall as far as 1.2890/80 before finding support.
  • Spot USD/JPY Forecast for 02/26 by Daytradeideas.com

    USDJPY took a huge tumble towards weekly Fibonacci support at 90.61. We bounced just above here & have failed below 92.36 resistance so far. Although the daily outlook remains negative there is still a small chance we can push higher for 92.82. Doubtful we will continue up from here but if we do see a break look for very tough resistance at 93.20/30 & what could be a good selling opportunity. Immediate support is at 91.80 but below 91.40 we should retest 90.90/60 support. The daily picture remains negative so a break of 90.30 would not a be a surprise and could target 89.86/70.
  • Spot USD/JPY Forecast for 02/25 by Daytradeideas.com

    USDJPY surprised with a retest of 94.35/45 highs as we ran over to 94.77. Less surprising was that we failed to hold this level & should now test support at 93.18. Below here we should see last week’s low at 92.77 & a break lower is very possible this week for 92.21. This is excellent support & should hold on the first test so we expect for a bounce from here at this stage. However a break below 91.90 leads us towards 91.41.
  • Spot EUR/USD Forecast for 02/22 by Daytradeideas.com

    EURUSD broke the 7 month uptrend line support at 1.3245 for a test of 1.3187/83 Fibonacci support & bounced just below at 1.3161. Today we expect a recovery with targets of 1.3246 & then 1.3295/1.3310. This is tough resistance & may cap the bounce. However if we see further strength look for 1.3370/80 which we see as a very good selling opportunity with a stop above 1.3440. Support at 1.3180/60. Again a chance of a bounce but a break lower would then target the 100 day & 21 week moving average at 1.3120. failure here should find good support at 1.3060/40
  • Spot USD/JPY Forecast for 02/22 by Daytradeideas.com

    USDJPY is breaking 93.00/90 for a test of 21 day moving average at 92.57 but if this does not hold look for a retest Feb lows at 92.17/91.98. This is good support & we should start to look over sold in the short term at this stage so watch for a bounce. However be ready to go with a break of 91.79 for 91.26 as the next target & support.
  • USDCHF Near 200-Day Moving Average

    Since September 11th when USD/CHF had broken below the support of 200-day moving average, the earlier support has been proving to be a strong resistance. For nearly five and a half months USD/CHF has not broken over this resistance. There have been 4 attempts to test this resistance and out of that one attempt failed almost at that level. The price had reached 0.9333 and is hesitating below that. The current 200-day moving average is at 0.9346. A decisive break over that may bring some good gains but we expect a correction before that. The correction may prove to be a reversal of this short-term upward jump.
  • Spot EUR/USD Forecast for 02/20 by Daytradeideas.com

    EURUSD held above 1.3310/00 & with daily charts becoming over sold we broke above1.3390/3400 to hit the next target of 1.3438 & topped out here. We have the momentum to continue higher today though & reach 1.3450/60 for selling opportunity with a top here expected. We can exit longs here & try shorts with a stop above 1.3480 for the next target of 1.3510/20. Good support today at 1.3388/78 if we drift lower so we can try longs here with a stop below 1.3350.
  • Spot USD/JPY Forecast for 02/20 by Daytradeideas.com

    USDJPY managed a bounce to resistance at 93.75 but not much further as anticipated. The 93.75/94.00 area could hold any bounce again today with the outlook remaining quite negative. However above 94.00 we may retest this week’s high at 94.22. Doubtful we can push any higher but a test of 94.40/46 highs should provide a very nice selling opportunity. Further weakness is expected eventually for a test of good support at 93.00/90. This could provide a floor today if tested but on a break lower, perhaps later in the week we should see 92.65 & then a retest Feb lows at 92.23/17.
  • Spot USD/JPY Forecast for 02/19 by Daytradeideas.com

    USDJPY retested resistance at 93.90/94.05 but stretched to 94.22. This could hold again today & we may hover below this point today as we build a medium term topping pattern. Only just above here we hit 94.36/46 highs for the bull run where we can try shorts looking for a top as daily & shorter term charts are calling for a move back to 92.30/15. Stop needed above 94.55 however, to target 2010 highs at 94.80/94.99. If this does not hold us back look for 95.29. Immediate support is at 93.75 then 93.46 but below 93.20 we should test 93.00. This should provide a floor today but below 92.65 we should retest Feb lows at 92.23/17.
  • Spot EUR/USD Forecast for 02/19 by Daytradeideas.com

    EURUSD fell to test very good support at 1.3320/10 where we predicted a low for last week. This worked perfectly with a low at 1.3306 & a bounce back to resistance at 1.3377 which is exactly where we topped out. 1.3310/00 could be tested again today & with daily charts becoming over sold, a chance of another bounce. If we fail here we have further support from the 55 day moving average at 1.3275 but below here a test of the 7 month uptrend line support at 1.3230 is likely. Above 1.3355/60 we can test 1.3390/3400 which could be hard to beat. A high for the day here is very possible but if we break 1.3415 look for 1.3438 then 1.3460 for selling opportunity with a top here expected.
  • Spot EUR/USD Forecast for 02/18 by Daytradeideas.com

    EURUSD fell to test very good support at 1.3320/10 where we predicted a low for the week. This worked perfectly with a low at 1.3306 & a bounce back to resistance at 1.3377 which is exactly where we topped out. 1.3320/10 could be tested again today. The support has been weakened but there is still a chance of another bounce. However stops on any longs are needed below 1.3285 & sell back in to shorts for a test of trend line support at 1.3220.
  • Spot USD/JPY Forecast for 02/18 by Daytradeideas.com

    USDJPY traded down to our predicted low to the correction at 92.20/05 & an opportunity to exit shorts & buy longs stopping below 91.80. This worked perfectly with a low at 92.23 & we shot higher holding resistance at 93.90/94.05. This could hold again today & we may hover below this point for a day or two as we build a medium term topping pattern. However be aware that a break higher could target the 94.36/46 highs. We can try shorts looking for a top, with a stop above 94.55 to target 2010 highs at 94.80/94.99. If this does not hold us back look for 95.29.
  • Spot EUR/USD Forecast for 02/15 by Daytradeideas.com

    EURUSD fell to test very good support at 1.3310/1.3290 and the chance of a low for the week. This has worked so far today with a low at 1.3315 & we are bouncing towards resistance at 1.3377. We could push through here to test 1.3409/15 which will be much harder to beat. A high for the day here is very possible but if we break higher look for 1.3446 then 1.3466/76 for selling opportunity with a top here expected. 1.3320/10 should be used as a buying opportunity if we see it again today. We do expect this to mark the low but stops are needed below 1.3285 for a test of trend line support at 1.3220/10.
  • Spot USD/JPY Forecast for 02/15 by Daytradeideas.com

    The USDJPY hovering above 92.95/85 support& below resistance at 93.90/94.05. Watch for a high for the day here but go with a break higher looking for the 94.46 highs to be tested. If we then break above 94.50 we should continue with the highs of 2010 at 94.80/94.99 likely to be tested. If this does not hold us back look for 95.29.
  • Spot EUR/USD Forecast for 02/14 by Daytradeideas.com

    EURUSD hit our target & resistance at 1.3518 & topped out exactly here. Support at 1.3420/15 has held the pullback but below here today look for 1.3375 then the week’s low at 1.3325. We still have very good support at 1.3310/1.3290 and the chance of a low for the week if tested. 2.3518/20 remains tricky resistance today but if we do break higher look for 1.3564 to exit longs and sell in to shorts with a stop above 1.3580.
  • Spot USD/JPY Forecast for 02/14 by Daytradeideas.com

    The USDJPY eased back to 93.05/92.95 for our buying opportunity & we bottomed just below at 92.83. We are moving higher again as hoped but should run in to resistance at 93.90/94.05. Watch for a high for the day here but go with a break higher looking for the 94.46 highs to be tested. If we then break above 94.50 we should continue with the highs of 2010 at 94.80/94.99 likely to be tested. If this does not hold us back look for 95.29.
  • Spot EUR/USD Forecast for 02/12 by Daytradeideas.com

    EURUSD beat 1.3415/20 resistance to hit the next target at 1.3473. We did see a top exactly here as predicted but if we push higher today look for 1.3518, possibly 1.3564 to exit longs and sell in to shorts with a stop above 1.3580. Support at 1.3420/15 but below here look for 1.3375 then the week’s low at 1.3325. We still have very good support at 1.3310/1.3290 and the chance of a low for the week if tested.
  • Spot USD/JPY Forecast for 02/13 by Daytradeideas.com

    The USDJPY eased back to 93.05/92.95 for our buying opportunity & we bottomed just below at 92.83. We are moving higher again as hoped but should run in to resistance at 93.90/94.05. Watch for a high for the day here but go with a break higher looking for the 94.46 highs to be tested. If we then break above 94.50 we should continue with the highs of 2010 at 94.80/94.99 likely to be tested. If this does not hold us back look for 95.29.
  • Spot EUR/USD Forecast for 02/12 by Daytradeideas.com

    EURUSD held just above support at 1.3310/1.3290. 1.3415/20 is resistance today but above here look for 1.3473. We may see a top here but if we push higher look for 1.3518, possibly 1.3564 to exit longs and sell in to shorts with a stop above 1.3580. Support at 1.3375 then yesterday’s low at 1.3325 but below here we still have good support at 1.3310/1.3290 and the chance of a low for the day if tested.

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