Forex Technical Analysis

EUR/USD Looking at the EUR/USD pair, you can see that we are still stuck in the consolidation area between 1.35 and the 1.3850 handle. We tried support, and it held again. Any gains should be capped by the 1.3850 resistance area. In fact, no longer-term positions are advised until we get a daily close either above the 1.3850 level, or below the 1.35 handle. USD/CAD The USD/CAD has been in a long, slow, gradual decline for several months. We are approaching a very important support area at the 0.98 handle. We have seen massive support at this level several times recently and any new shorts of this pair should wait for a sustained break below that mark. With the chart set up, any break below could run as far as 0.90 since there is no real support until that level. With the various issues going on around the Middle East right now, a spike in oil prices could certainly favor the Loonie, and soon. USD/CHF As...

  The EUR/USD pair had a slightly bullish day today again, but the charts are starting to look a little tired at this level. It cannot be ignored that the last two days have formed shooting stars, and could be pointing south. The market has support below at 1.45 and 1.46 as well. Because of this, shorting isn’t recommended, but rather waiting for the pullback is. Buying at those levels might be the move to make.

  The GBP/USD pair had a bullish day today, as the market retested the 1.6350 level, a major area of resistance. At the end of the day, we formed a shooting star. Because of this, it looks as if the pair could pullback from this level. Noting that the pair has a history up here, that wouldn’t be too surprising. A pullback should present buying opportunities as the strength is still with the bulls overall.

  The GBP/USD pair had a bullish day today, as the market retested the 1.6350 level, a major area of resistance. At the end of the day, we formed a shooting star. Because of this, it looks as if the pair could pullback from this level. Noting that the pair has a history up here, that wouldn’t be too surprising. A pullback should present buying opportunities as the strength is still with the bulls overall.

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