The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
Yesterday I stated in my analysis that the EUR/JPY looked bullish because on the weekly time frame price had opened up just above the 5 ema. I have to honestly say I don't know what I was thinking at the time since I was bullish on the Swissy and bearish on the EUR/USD and I should have been bearish on the EUR/JPY due to the laws of correlation.
Yesterday the GBP/USD made its way up to the daily 21 ema overlapped with the 38.2 fib then dropped and is still dropping. This just goes to show the power behind fibs and ema's especially when they are overlapped with each other.
In my analysis yesterday I pointed out that on the weekly time frame price opened up just below the weekly 5 ema and that appeared bearish to me and that price would most likely drop, and it did. This week may very well be a bearish week for the EUR/USD.
The weekly time frame looks very interesting to me today with this pair. Price is below the weekly 5 ema but is closely approaching the 144 ema. This pair has not been able to close below the weekly 144 ema in an entire year.
The Swissy continues to look bullish except for the fact that it is soon approaching resistance. On the daily time frame price is maintaining itself above the 21, 13 and 5 ema's.
The GBP/USD is sinking slowly, sort of. Since hitting a yearly low of 1.5272 in October, we moved as high as 1.6166 and and then fell to 1.5423 in November.
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The EUR/USD pair originally had a surge upward at the start of the week to test the 1.35 level. The area has proven to be resistive again, and simply too strong for the bulls to overcome.
The GBP/USD begins its week just below the 5 ema on the weekly time frame. On the daily time frame price is up against the 13 ema with the 21 ema closing in.
The EUR/JPY begins the new week slightly above the 5 ema. The 13 ema is not too far above and I expect price to rise to the 13 then continue downward.
The Swissy begins its new week above the the weekly 5 ema. For the last few weeks this pair has been making a series of higher highs and higher lows. On the daily time frame price continues to stay above the 21 ema.
The EUR/USD begins its week just below the 5 ema on the weekly time frame. Price will more than likely need to head up a bit to make contact with the 5 ema so that it can continue downward.
The EUR/GBP appears to me that it is on its way upside. On the weekly time frame the 5 ema has flattened out and price seems to be pushing above it. On the daily time frame the 5 ema is beginning to cross above the 13 ema.
Up until last week the Euro had been Bearish for a month with 4 weekly candles in a row closing lower than they opened. Last week the Euro closed higher than it opened, but not by much. The last time the Euro was at this price level, it sparked a 4 week bullish run, so are we going to see this happen again?
Yesterday price action was very wild. The daily candle ended up as a spinning top. It has been a wild week due to all the ECB action. Currently we are around 5 hours before the Non-Farm Payroll report and until that release the market action will be minimal.
