Forex Daily Analysis - Thursday, May 29th

Today's Market Outlook - By Windsor Brokers Ltd
Retraced over 61.8% of the 1.6020/1.5285 decline, to reach 1.5814/18 highs on 22/27 May, ahead of the latest decline. Break below 1.5693, 22 May correction low, completed a multi-day double top. Next targets at 1.5595/66 have also been cleared exceeded, with market attempting at 1.5520. Break here will open 1.5500/1.5486, possibly 1.5546/20, while 1.5608/60 zone expected to hold the upside. >>

Euro Decline is a Bull Trap - By DailyFX
The EURUSD has fallen materially overnight and is close to testing the psychological 1.55 level. Support should be strong in the 1.5450/90 zone. The drop from above 1.58 counts better as a correction than an impulse (to this point), so be careful of chasing the EURUSD lower. >>

Elliott Wave and Fibonacci Predictions: EUR/GBP - By Capital Forex Group
Hello Guys, EUR/GBP is threatening the FIBO support around 0,7870, so maybe is time to calm down with short trades, I reentered short today in wave (iv) with stops above 0,7895 with target at 161,8%....We should see some buyers reaction in this zone, that means that I am expecting pullback in blue wave iv…I will look for new short opportunities in the same area as wave (iv). I am also watching EUR/USD, so lets see why I thing that we are in the end of blue wave iii… >>

FX Thoughts for the Day - By Kshitij Consultancy Services
Dollar-Swiss is moving up well. It is currently near the projected Max High for the week, but can move up further to test 1.0513, the projected Max High on the Daily chart. This is a strong Resistance as it also falls on a trendline joining the Highs at 1.1628 (25-Dec-07) and 1.0590 (16-May) on the Daily Candles. If and while the Resistance holds, the market could dip back towards 1.0400 and lower. >>

Daily Technical Strategist - By FXTechstrategy
While the weakness off the 1.5812 high remains suggestive of a corrective pullback following its recovery off the 1.5283 low (May 09'08), a clean break and close below its April 03'08 low at 1.5510 will keep more pressure on the downside and bring the pair towards the 1.5360/41 area, its May 02'08/Mar 24'08 lows/.382 Ret (1.4438-1.6018 rally) and next its May 08'08 low at 1.5283. >>

Daily FX Forecast - By FX Dream
EUR/USD has fallen further below 1.5570 Support earlier today after pullback up to 1.5670 first important Resistance Today focus will be on US GDP Numbers (1Q) at 12:30 GMT The consensus is at 0.9% . On downside the break below 1.5580-70 area may signal reversal in the bias for test towards 1.5500 and even 1.5430-20 area over today and tomorrow if the number comes out at 1.2% or higher and even 1.5350 in longer term On the upside, pullback back towards first important Resistance near 1.5670 may be seen if the number comes out at 0.6% or more negative >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
The US Dollar climbed against the Japanese Yen yesterday from 103.90 to 105.28. But the trading of the currency couple still remains within a range as the effort to break the first resistance 105.30 today was still unsuccessful. First support for today is expected at yesterday's bottom 103.90. Next support further down is expected at the lower limit of the consolidation at 103.15, the break of which would open potential drop towards 102.50. In upward direction next resistance is given at the 106.00 level, followed by 106.80. >>

Currency Technical Report - By FX Greece
Comment : Euro's downward move yesterday reached the important support level of 1.5620-30, but the retracements that followed did not confirm its strength. The short term trend has turned bearish and reaching lower support levels is possible. The area of 1.5550-70 is the first target, followed by the area of 1.5490-00. The scenario of a short term sideways formation, which would lead to an immediate move resumption, has been canceled for the time being, as it is possible, by examining the daily chart, that we have entered a downward wave formation, which would lead back to 1.5350-00 area (as you can see in the daily chart above). >>

Daily FX Report - By Varengold Bank
Good morning from wonderful Hamburg. Yesterday Trichet said in a comment: 'The Euro is a shield against economic challenges, the currency became more necessary than 10 year ago.' A great compliment for Europeans, thanks Trichet. But you never know for sure, thinks just change to quickly. >>

Forex Technical Analysis - By DeltaStock Inc.
The sharp slide from yesterday's peak at 1.5761 denied the possibility, that the rise from 1.5664 represents renewing of the uptrend and now there is a clear downtrend, that has reached an interim low at 1.5563. There are no larger supports all the way down to 1.5283, so having in mind that the rise from 1.5283 is confirmed to be finalized at 1.5818, we can expect even deeper drowning to 1.5211. Intraday expect a retest of the 1.5610 resistance, followed by another leg downwards to 1.5496. >>

Technical Analysis Daily: GBP/USD - By iFOREX.bg
The British Pound descended significantly against the US Dollar today from 1.9822 to 1.9686, which are the first resistance and support levels respectively for the currency couple today. If the negative sentiment continues, next support is expected at 1.9620, followed by 2.9540. In upward direction next resistance level today is expected at 1.9930, followed by 2.0000. >>

Daily Forex Analysis - By FOREXYARD
Yesterday, the greenback saw bullish trends against most of its major counterparts following positive economic news from the U.S. The EUR\USD was traded as low as 1.5620. The USD was also bullish against the rest of the major currencies. The greenback's daily momentum was driven by the better than forecasted Core Durable Goods Orders and general Durable Goods Orders, as both beat forecasts by at least 1%. >>

Technical Analysis for Crosses - By Crown Forex
The Pound continued to gain against the Yen yesterday but the pair still hasn't breached the critical level at 207.35 which if breached would open the way up to the 207.96 level, on intraday basis the pair might be able to extend its gains but over the short term the momentum indicators are showing that the pair is being traded within an overbought area and needs a correction, while the point at 205.86 offers good demand for the pair today. >>

Forex Technical Update - By Rcpl Forex
Euro: Euro witnessed a free fall in the yesterday's session on the back of weak trade balance data and strong US data as it fell by 150 pips to touch a low of 1.5609, however later gained some strength from the 200 4-hourly EMA at 1.5611 and closed at 1.5646. It is currently trading at 21 daily EMA and trendline support which is crucial, a firm break of this support would give a bearish bias for the pair and a fall upto 1.5542 (55 daily EMA) can be expected. (Eur/Usd-1.5574). >>

Forex Technical Analytics - By FOREX Ltd
The pre-planned short positions have been realized with attainment of minimal assumed target. OsMA trend indicator having marked the preservation of low activity of both parties gives grounds to presume a preservation of range movement of the rate in a short-term future without clearness in a choice of planning priorities for today. Hence and because of descending direction of indicator chart, we assume a possibility of supports 1.9700/20, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term buyers' positions on condition of formation of topping signals the targets will be 1.9760/80, 1.9820/40 and/or further breakout variant up to 1.9880/1.9900, 1.9960/80, 2.0000/20. An alternative for sales will be below 1.9660 with the targets 1.9600/20, 1.9540/60. >>

Technical Analysis for Major Currencies - By Crown Forex
The British pound did not yet manage to breach below 1.9700, building a base for the pair that is if breached will drag it down again into the descending channel again and there will be the risk surrounding British pound, and from the upside we need to see a breach for the level 1.9850 in order to confirm any upside movement, while the technical indicators are still neutral. >>

FX Technical Analysis - By Mizuho Corporate Bank
Comment: Surprisingly holding in a small 'flag' formation as the pound gains against other European currencies. We are unlikely to hold so neatly again today so allow for 'spikes' today and through to the middle of next week. This will make trading Cable extremely difficult.
Strategy: Possibly attempt small longs at 1.9715; stop below 1.9675. Short term target 1.9850/1.9880, eventually 2.0000. >>

EURUSD, AUDUSD, EURCHF Daily Outlook - By E-Forex
The sell-off brought the Euro into support zone below 1.5650 on yesterday. The decline is not over as the pair is currently testing support into the 1.5580 region. Although the daily charts look pretty bearish as the momentum favors downside action, the Euro currently faces support formed by fib retracement levels at 1.5555 and lower at 1.5490. Downside risk is high and we expect a test of the lower support zone of 1.5550. Current quote is 1.5586 @06:20 GMT >>

Technical Analysis Daily: EUR/USD - By iFOREX.bg
The Euro descended significantly against the US Dollar yesterday again, from 1.5751 to 1.5610, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, next support is expected at 1.5530, followed by 1.5450. In upward direction next resistance for today is expected at 1.5815, the break of which would lead to next target 1.5890. >>

Pro FX Commentary: GBPUSD - Global Forex Trading
The rally is struggling although it is still possible to generate a bullish structure with yesterday's 1.9703 being a possible Wave -b- in Wave -iii-. This will require a prompt move above 1.9851 but also 1.9880-09. Only if seen would I begin to consider resurrecting the 261.8% projection in Wave -iii- at 2.0130. >>

Forex and Dow Jones Recommended Levels - By FXtechtrade
Today's support: - 1.5615 (main), where correction is possible. Break would give 1.5592, where correction also may be. Then follows 1.5565. Break of the latter would result in 1.5542. If a strong impulse, we would see 1.5526. Continuation will give 1.5512 and 1.5488. >>

Daily Forex Market Commentary - By Global Forex Trading
The dollar rallied on Wednesday as well versus all majors but cable, in part because of a better than expected durable goods orders report. But the crude oil made an aggressive recovery. The US currency should only consolidate today. >>

Daily Technical Analysis - By FX Instructor
The Greenback continued it's gain against Euro yesterday, but with less power. However, my model is short, targeting 1.5550 area. EURUSD need to stay below support level 1.5610 to keep this short term bearish momentum intact. Remember that the major trend of EURUSD is up, so we must see this bearish momentum as a correctional move. Immediate resistance seen at 1.5695 area followed by 1.5750. CCI in neutral zone on daily chart. >>

FX Technical Commentary - By Easy Forex
Euro 1.5650 - Initial support at 1.5609 (May 28 low) followed by 1.5595 (May 6 resistance). Initial resistance is now located at 1.5761 (May 28 high) followed by 1.5818 (May 27).
Yen 104.70 - Initial support is located at 103.89 (May 28 low) followed by 102.58 (May 12 low). Initial resistance is now at 105.32 (May 28 high) followed by 105.44 (May 14 high). >>