Forecast on USD Majors – FX1 – (EURUSD, GBPUSD)

EURUSD

EURUSD closed @ 12115 which was BELOW the open and breached the previous day’s low. The High was 20 pips from Precise Trader’s Res Zone 1 and the Low was 15 pips from Precise Trader’s Sup Tgt 2.
The Hourly Oscillators are Bearish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears.
Hourly Trend is Limited Down while 12250 holds and Daily Trend is Sideways Down while 12405 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious.

The Daily Closed below the Open but mildly pulled away from the Low and we believe that the Bulls may have gained or we may get one last push down before bottom. The Patterns are suggesting that there is possibility of a temporary low. The Hourly looks like it may have bottomed but the Bulls must crack the 12165-85 levels and must protect the 12065-25 levels at all times. The 15min is suggesting a Range trading with an attempt to break higher. The Opening Price Principle suggests that the Bulls need to crack 12145-65 for further gains so Cautious approach is needed until the Price breaks out of Zone 2 levels .

BULLS: 12050 11965 11925 BEARS: 12185 12225 12315

Today’s Strategies: LONG near 12065 12025 with a tight stop with a 35-50 pips price target.

GBPUSD

GBPUSD closed @ 15510 which was BELOW the open and breached the previous day’s low. The High was 25 pips from Precise Trader’s Res Zone 1 and the Low was 15 pips from Precise Trader’s Sup Zone 5 (U Turn Zone).
The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 15665 holds and Daily Trend is also Sideways Down while 15805 holds, so expect the Price to be Choppy with a potential to Break Lower.

The Daily Closed well below the Open near the low and we believe that there is more downward pressure. The Patterns are suggesting a range trading with a potential to break lower. The Hourly looks like we may see the Bears attempt to test the prior swing low 15395 level and must protect the 15585/15655 levels at all times. The 15min is suggesting the Bulls may attempt towards 15555-85 levels before they surrender. The Opening Price Principle suggests that the downside pressure is intact until the 15625 level is regained and Cautious approach is needed until the Price breaks out of Zone 2 levels.

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Today’s Strategies: Get the full report by visiting Precise Trader for a Free Trial.