EURUSD Daily Forecast

The EURUSD had a bullish momentum yesterday. On daily chart below we can see that the price was convincingly break above the upper line of the triangle and consistently move above 1.4176.



It’s still too early for bullish view but this fact should trigger further upside attempt re-testing 1.4336 area and give us hope to get out from indecisive market condition in the last several weeks. CCI on overbought area and heading down both on h4 and daily chart so watch out for potential downside rebound testing 1.4176 area. Break below that area should lead us back into no trading zone.

The EURUSD made indecisive movement yesterday, by opened and closed at almost the same price. On h1 chart below we have a broadening formation indicating a volatile market without a clear direction. It’s better to stay away from the market.





On the upside, we have 1.4336 as the key level. Technically, a clear break above that area should confirm the bullish scenario. On the downside pay attention to 1.4050 – 1.4000 support area. Break below that area should trigger further bearish momentum re-testing 1.3750. Immediate support at 1.4176. CCI in neutral area on h1 chart.

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Daily Forex Fundamental and Technical Analysis

I mostly use the DAILY LINE CHART (very succesfully).

This is my latest view of the EURUSD in this time frame. Keep an eye on the up trend line around the 50 fib level. If the EUR breaks it, watch out.

I am including my LINE CHART (my favorite) and the candle chart that you probably use (as per most of the people in this forum).

One person recently kind of mentioned to me (albeit very weakly) that line charts are old fashion, I have one thing to say to that...... so is the sun, and it still keeps you alive.

Again, FWIW.

Regards,

EBTA FOLLOWER

Attached Images

	eurusd daily line chart 26 jul 2009.GIF (258.5 KB, 104 views)
	eurusd daily candle chart 26 jul 2009.GIF (265.5 KB, 103 views)