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EURUSD Forecast The EURUSD continued its bullish momentum yesterday, topped at 1.4524 and closed at 1.4507.  The bias is bullish in nearest term, but so far price still unable to make a significant breakout above 1.4520/40 resistance area as you can see on my hourly chart below. So actually from hourly chart point of view, price still trapped in the range area of 1.4520/40 – 1.4436 and need a clear break above 1.4520/40 to continue the bullish scenario testing 1.4577 before targeting 1.4695. On the downside, a failure to make a clear break above 1.4520/40 could lead price to a minor downside correction testing 1.4436 support area. I do not expect any move below that area as it would diminish the current strong bullish bias but as long as price stays above the trend line support my overall intraday bias remains to the upside.

EURJPY Forecast The EURJPY didn’t make significant move yesterday but had a significant bullish momentum earlier today in Asian session, retesting 113.40 resistance area. The bias is bullish in nearest term but as long as price stays below 113.40 I still prefer a bearish scenario. Short around 113.40 seems to be a good intraday plan for now with a tight stop loss on a clear break above 113.40 as a clear break above 113.40 could trigger further bullish pressure testing the trend line resistance (white) and 114.75 region. Immediate support is seen around 112.50 and the trend line support (red). A clear break below that area could lead price to neutral zone in nearest term testing 111.45 and would reopen the door for another downside attempt retesting 109.45.

GBPJPY  Forecast The GBPJPY made another indecisive movement yesterday. The bias remains neutral in nearest term and there are no changes in my daily technical outlook.

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EURUSD Forecast The EURUSD continued its bullish bias yesterday, slipped above my descending triangle as you can see on my daily chart below, hit 1.4436. This fact is a serious threat to the bearish phase since the fall from 1.4939, keep the bullish intraday bias remains strong testing July 03 high at 1.4577. This bullish momentum is a part of the bullish warning since the appearance of the hammer formation on July 12th and the rejection to move below 1.3850 support area last week. Immediate support is seen around 1.4330 followed by 1.4281. A clear break below 1.4281 would stop the current bullish intraday outlook and could create a bearish pressure as we could have another false breakout above the triangle.

EURJPY Forecast The EURJPY has a bullish momentum yesterday but found a good resistance around the upper line of the symmetrical triangle as you can see on my h4 chart below. As long as price moves inside the triangle the bias remains neutral and need a clear break from the triangle to see clearer direction. A clear break above the triangle and 112.50 resistance area could trigger further bullish pullback testing 113.40 but as long as price moves below 113.40 I still prefer a bearish scenario. On the downside, a clear break below the triangle and 110.64 could trigger further bearish pressure testing 109.45 but note that we need a clear break below 109.45 to continue the bearish scenario and any move above 109.45 still hide potential upside pullbacks as price could be in a consolidation/sideways mode between 113.40 – 109.45.

GBPJPY  Forecast The GBPJPY had bullish momentum yesterday but again found a good resistance around 127.00 – 128.18 area, which remain a good place for a short position at this phase with a tight stop loss above 128.18.

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EURJPY Forecast The EURJPY had a significant bearish momentum last week but closed higher at 111.67 after found a support around 109.45 region. There were another downside pressures earlier today hit 110.64. The bias is bearish in nearest term but the major bearish continuation scenario can only be confirmed by a clear break below 109.45 support area. Immediate resistance is seen around 111.50 112.00. A clear break above that area could lead us to neutral zone in nearest term but as long as price stays below 113.40 my overall intraday bias remains to the downside.

GBPJPY  Forecast The GBPJPY attempted to push lower last week, bottomed at 124.85 but closed higher at 127.42. The bias is neutral in nearest term. However as long as 127.77 – 128.18 resistance area hold, overall my intraday bias remains to the downside. A clear break above 128.18 would activate my wait and see mode but as long as price moves below the trend line resistance (red) my overall technical bias remains to the downside.

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EURUSD Forecast The EURUSD was unable to continue the bullish momentum yesterday. While my daily/h4 chart outlook remains unclear, we have a descending triangle formation on the hourly chart as you can see on my chart below suggests a potential bearish intraday outlook especially if price able to make a clear break below the triangle and 1.4110 testing 1.4000 support area. Immediate resistance is seen around 1.4170 – 1.4200. A clear break above that area would cancel the descending triangle bearish scenario testing 1.4280 region.