Forex Forecast and Analysis - Bank Research

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EUR/USD remains below the 1.4000 level after nearly recovering through the level. We issued a sell order yesterday at 1.3997, but unfortunately missed entry by 4 pips. The pair now trades over 90 pips lower at 1.3903. The bias is neutral at the moment as currency markets will continue to monitor global equity markets for direction. The break below 1.40 invalidates the upward bias and further downside is possible. However, this should be limited as investors are wary about the long term Dollar outlook. The next level of support is the 1.3888, followed by 1.3806 and 1.3725.

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Daily Forex Technical Reports

Technical analysis is a best method of forecasting price schedule by looking at with the sole purpose market-generated information. Price information from a particular marketplace is most usually the type of information analyzed by a technician. The substructure line when utilizing any type of analytical method, technical or otherwise, is to stick to the basics, which are methodologies with a proven track record over a long period. After finding a trading system that works for you, the more tightly packed fields of study can subsequently be incorporated into your trading toolbox.

Foreign Exchange Market Commentary
Yesterday's break above 1.4000 came as a bolt from the blue and alters the picture to some extent, probably bringing it more into line with USDCHF. It could mean a directly bearish picture or we could be talking about a longer correction that could move back to 1.4049-76 once another time. I also imagine that even in an adjustment we may just move below 1.3876... If so then the 1.3810-35 area becomes key and while it holds we can still see a move back above 1.3878 and pivot resistance at 1.3930 to recycle the correction all the way back up to around 1.4008 initially and after a correction to the 1.4049-76 resistance. I feel that will hold. Note next resistance is at 1.4092 and 1.4124. A direct break above 1.3930 from 1.3876 would also provide the same.

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European Stocks Rise on German Manufacturing Orders; Bonds Fall

European stocks are rose in manufacturing orders in germany  jumped the most  in approximately two years,reduction concern that a global economic recovery is decline. Government bonds dropped as nations prepared debt sales to restore growth.The don jones stoxx 600 index of European share additional 0.7 percent at 12:16 p.m. in London, reversing earlier declines, as Germany factory orders climbed 4.4 percent in May. U.S. index futures fluctuated between gains and losses.

EUR/JPY's break of 132.95 minor resistance suggests that an intraday near to the ground is in position at 131.71. Outlook is twisted neutral for the split second and some consolidation would be seen. But recovery is predictable to be limited well below 136.87 confrontation and bring fall recommencement. As noted before, below 131.41 support will also have EUR/JPY continued below intermediate term trend line, will add much credibility to the case that EUR/JPY has topped out at 139.21 and target 124.35 support next.

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