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EURUSD is looking to target 1.3057 level at the moment and might rise towards 1.3118 level before that due to over-sold market.
Mostly traders will look to sell EURUSD around 1.3118 level for a nice intra-day trade as the currency is expected to stay in range between 1.3118 and 1.3057 today.
Trade: Sell EURUSD 1.3118 for Profit Level 1.3058 and Stop Loss 1.3148
Euro is trying to form a base that it need to start moving towards the up side again, but the question is still shown if that will success or not. Today we expect euro to move up toward the 1.2960s as the first target and then to the 1.2980s.
The general trend is up as far as 1.2640 remain intact targets now at 1.3500 and 1.3200 target then at 1.3420.
The key resistance will be at 1.3200 and the key support at 1.2900.
EURO/USD
We still see euro moving towards the up side to hit 1.3100 resistance level. despite euro moved down and reach to 1.290s support level but at the end of the day it rebounded back to close at 1.2950s level, which we think that it will push euro towards the up side.
The general trend is up as far as 1.2640 remain intact targets now at 1.3500 and 1.3200 target then at 1.3420.
The key resistance will be at 1.3200 and the key support at 1.2900.
The euro dropped yesterday to the1.2960s support level to gather momentum, so that then moved up to close at 1.3040s resistance level. Hence we expect the euro to continue in moving towards the up side today.
The general trend is up as far as 1.2640 remain intact targets now at 1.3500 and 1.3200 target then at 1.3420.
The key resistance will be at 1.3200 and the key support at 1.2900.
EURO/USD
The euro reached to the resistance that we mentioned yesterday at 1.3020s, breaching this level today might let the euro to hit the 1.3060s resistance level. Hence we expect the euro to progress in the wave made since the begging of this week.
The general trend is up as far as 1.2640 remain intact targets now at 1.3500 and 1.3200 target then at 1.3420.
The key resistance will be at 1.3200 and the key support at 1.2900.
EURO/USD
The euro started to miss some momentum while its above 1.3120s resistance level. but the upside singes are still exist, therefore; the euro probably move towards the 1.3170s resistance again today.
The general trend is up as far as 1.2640 remains intact targets now at 1.3500 and 1.3200 target then at 1.3420.
The key resistance will be at 1.3200 and the key support at 1.2900.
Forex Elliott Wave Analysis - USD/JPY
65% confidence: Current resumption of uptrend should extend to 122.39, however, loss of momentum would cap price at 122.83/85 and bring correction.
Current break of 121.80 and subsequent rise to 122.20 confirm our bullishness and gain to 122.39 is likely, however, reckon 122.83/85 would limit upside and bring correction later.
On the bigger picture, early breach of psychological 120.00 level indicates the medoum term upmove from 108.97 has resumed and our preferred count becomes that (a) wave ended at 119.88 with (b) wave ended at 114.43, therefore, (c) wave rally is under way, early break of 121.40 adds credence to this view and further subsequent rise to 122.39 would be seen but 123.00 would limit upside.
On the downside, pullback should be limited to 121.44/45 and only break of 121.25 would signal a temporary top is in place and risk 120.80/90.
Forex Technical Analysis
Daily Forex Technicals | Written by DeltaStock Inc. | Feb 01 08 10:01 GMT |
Forex Technical Analysis
EUR/USD
Current level-1.4867
The currency pair is in an uptrend unfolding from the 1.2484 bottom and probably ahead of a significant reversal on weekly basis. The technical indicators are rising and the trading is situated above the 50-day and the 200-day SMA, currently projected at 1.4302 and 1.3697.
There is no sharp downward impulse to set the beginning of a larger consolidation pattern, so we think that the downside potencial of the pair is limited to 1.4769 or 1.4711 before renewing of the general uptrend for a break above 1.4966, towards 1.5294. Intraday expect downtrend to emerge from current levels, targeting 1.4769.
Linear Mode
