Forecast on USD Majors – FX1 (EURUSD, GBPUSD)

EURUSD

EURUSD closed @ 12285 which was ABOVE the open and breached the previous day’s high. The High was PRECISELY at Precise Trader’s Res Tgt 3 and the Low was 5 pips from Precise Trader’s Sup Tgt 1.
The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 12150 holds and Daily Trend is Sideways Down while 12405 holds, so expect the Price to be Choppy with a potential to Break Higher.

The Daily Closed well above the Open but pulled away mildly from the High as expected and we believe that the Bulls are in control. The Patterns are suggesting higher highs are expected. The Hourly looks like it may have bottomed and may push towards a price target 12445/12545 levels and must protect the 12235-12190 levels at all times to support our bullish view. The 15min is suggesting that we may get a pullback lower towards 12255-35 levels before the next push up. The Opening Price Principle suggests that the Bulls are in control and 12145-65 may be protected ,so buy on dips is needed ,so trade with the PT strategy when the Price breaks out of Zone 2 levels.

BULLS: 12240 12185 12120 BEARS: 12335 12405 12475

Today’s Strategies: LONG near 12240 12210 with a tight stop with a 50-80 pips price target.

GBPUSD

GBPUSD closed @ 15685 which was ABOVE the open and breached the previous day’s high. The High was 25 pips from Precise Trader’s Res Tgt 3 and the Low was PRECISELY at Precise Trader’s Sup Zone 1.
The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 15530 holds and Daily Trend is Sideways Down while 15805 holds, so expect the Price to be Choppy with a potential to Break Higher.

The Daily Closed well above the Open but mildly pulled away from the high. The Patterns are suggesting a temporary low may have been seen. The Hourly looks like we may see the Bulls attempt to test the prior swing high 15740-85 levels and must protect the 15625/15535 levels at all times. The 15min is suggesting that we may see a pullback towards 15650-20 levels before the next push higher. The Opening Price Principle suggests that the Bulls are in control and 15625/15560 may be protected, so buy on dips is needed, so trade with the PT strategy when 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.