Forex Daily Forecast, Analysis and Prediction

Currency: EUR/USD Trend Expected Direction: Down Strategy: Weekly Ichimoku Kinko and Hourly Elliott Waves and Fibonacci Trading

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On the daily timeframe price continues to ride the 5 ema downward, however, we are 150 pips above a strong support area that has been respected as support three other times previously and I would expect it will be respected yet again, even if price breaks it there will still be some type of reaction before it were to break and it will not be just an easy break, there will be some fight expected around 1.5350 when the time comes.

A brief look at the EUR/USD displays USD strength and a look at the USD/JPY displays USD weakness so my bias on this pair for today would have to be bearish.

Price opened up precisely on the 5 ema and price seems to be rising a bit. Most of the time I have found that when price moved beyond the 5 ema it is usually forced back down by the 13 ema. It wouldn't be totally out of the question for price to head up to the daily 13 ema before it keeps heading down.

Yesterday price made its way up to the .9300 region where I said it will most likely encounter resistance then drop and sure enough it dropped. Find out what's coming next based on the daily, hourly and 15 minute charts.

There don't seem to be any significant events developing on the weekly or daily timeframes but the 4 hour timeframe has more to say. Get the full analysis here.

The US stock market is back from the Thanks Giving day with what seem to be as a happy mood, as indices are rising more than 2%. The reason why Wall Street is interesting to the forex trader is the fact that the USD has a negative correlation to the US stock markets, so it is necessary to monitor the major indices most of the time.

Earlier this month I wrote about the S/R zone of 1.5950 giving the Sterling some grief and predicted that if that zone broke we would see to the Sterling fall to 1.5630 or lower.

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The GBP/USD starts out the new day just below the daily 5 ema and price has been riding down the 5 ema almost daily I see this pair as nothing but bearish.

The EUR/JPY begins the new week below the weekly 5 ema. Price is spaced below the 5 ema so price may be expected to rise a bit to make contact with the weekly 5 so it can keep heading down. On the daily time frame price is spot on the 5 ema and price seems to be heading up a bit.

The Swissy begins its fresh week above the weekly 5 ema but slightly spaced a bit above the 5 ema it is possible for price to drift down just a bit before continuing on up and price is up against very strong resistance since .9300 has already held up as strong resistance a couple other times in the past.

The new week begins with price opening up way below the 5 ema and price made a rather large gap over the weekend, I expect after the gap fills price could head up a bit until weekly price makes contact with the weekly 5 ema.

The new week for the EUR/GBP begins with the new weekly candle just below the weekly 5 ema. This pair as been in a downtrend for the last and it opens up touching the 5 ema I think there is as a very good chance price will just keep falling.