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EURUSD Forecast The EURUSD failed to continue its bearish momentum yesterday after found a support around the lower line of the triangle as you can see on my h4 chart below and now struggling around 1.4320. Overall, from an h4 chart point of view, as long as price moves inside the triangle we have no clear direction. A clear break above 1.4320 would stop my intraday bearish outlook testing 1.4441 and the upper line of the triangle. Immediate support at 1.4250. A clear break below that area could trigger further bearish pressure testing 1.4200 – 1.4150 area. The lower line of the triangle and 1.4000 is the key support at this phase. We need a clear break below that area to continue the bearish scenario testing 1.3800.  On the upside, a clear break above the triangle might change the overall outlook back to bullish.

EURUSD Forecast The EURUSD failed to continue the bullish momentum yesterday, slipped below 1.4320 support area and broke below the bullish channel as you can see on my hourly chart below. This fact stops the bullish momentum since the appearance of the inverse H&S formation. The bias is bearish in nearest term testing 1.4190 support area. Immediate resistance at 1.4320/40. A clear break above that area would change the intraday bias back to bullish, reactivate my bullish mode and keep the inverse H&S bullish scenario remains strong, still testing 1.4496. On the other hand, a clear break below 1.4190 would open the door for another retest of 1.4000 strong/psychological support area.

USDCHF Forecast The USDCHF had a significant bullish momentum yesterday after unable to make a break below 0.8325 and hit 0.8493 earlier today in Asian session. Looks like the 0.8325 support is a bottom at this phase which could lead to a bullish reversal scenario. The bias is bullish in nearest term testing 0.8555. A clear break above that area could trigger further bullish momentum testing 0.8670 – 0.8710. Immediate support at 0.8460. A clear break below that area could lead us to neutral zone in nearest term and might create a sideways condition between 0.8325 – 0.8460.

EURUSD Forecast: The EURUSD had a significant bullish momentum yesterday, topped at 1.2854 and closed at 1.2807 after price break above the triangle. Positive data from China and Australia trigger risk appetite and hurt the Dollar. The “head and shoulders” bearish scenario remains intact but clearly under heavy pressure as price is now move above the neckline (1.2700). A new trend line resistance (yellow) is drawn as a result of yesterday’s price action. Break above that trend line and 1.2854 could trigger further upside pressure testing the right shoulder of the H&S formation around 1.2930 which could be a serious threat to the bearish outlook and potential bullish reversal scenario. On the downside, I think we need another move below 1.2700 to see further bearish pressure.

EURUSD Forecast: The EURUSD made a moderate recovery yesterday, topped at 1.2870 and closed at 1.2825. Further bearish pressure was rejected around the lower line of the bullish channel but I think it’s too early to say that the bullish scenario has back to it’s track. If we look at the daily chart, actually price still making lower highs and lows and we must have at least a new higher high to see further recovery. The minor trendline resistance (white) on h4 chart below could be an important technical focus at this phase. A consistent move above that trendline resistance could trigger further upside recovery towards 1.2930 area before testing 1.3000. On the downside, immediate support at 1.2780. Break below that area could trigger further bearish pressure testing 1.2700 and the lower line of the bullish channel.