EURUSD Daily Forecast: May 18

EURUSD Forecast
The EURUSD was indecisive yesterday. The bias remains neutral in nearest term. Overall I remain bearish but need a clear break at least below the trend line support located around 1.1785 as you can see on my H1 chart below to resume the bearish phase testing 1.1735/00 area. Immediate resistance is seen around 1.1837. A clear break above that area could trigger further bullish correction but as long as stay below 1.1920 I still prefer a bearish scenario at this phase as a part of the descending triangle scenario on daily chart and any upside pullback should be seen as a good opportunity to sell.

GBPUSD Daily Forecast: May 18

GBPUSD Forecast
The GBPUSD attempted to push higher yesterday topped at 1.3569 but closed lower at 1.3514. The bias is neutral in nearest term and there are no changes in my technical outlook. Price has been moving sideways between 1.3617 – 1.3450 for almost two weeks now and we need a clear break from that range area to see clearer direction. As long as stay below 1.3710 I remain bearish but need a clear break below 1.3480/50 strong support to resume the bearish phase testing 1.3330 region.

USDJPY Daily Forecast: May 18

USDJPY Forecast
The USDJPY had a bullish momentum yesterday after unable to break below 110.00 support, topped at 110.85 and hit 111.00 earlier today in Asian session. The bias remains bullish in nearest term testing 111.50 region. Immediate support is seen around 110.60. A clear break below that area could lead price to neutral zone in nearest term retesting 110.00 area but overall I remain bullish and any downside pullback should be seen as a good opportunity to buy.

USDCHF Daily Forecast: May 18

USDCHF Forecast
The USDCHF had another indecisive movement yesterday. Price is still trapped inside a 95-pip range area between 1.0055 – 0.9960 as you can see on my H1 chart below and we need a clear break from that range area to see clearer direction. The bias remains neutral in nearest term. A clear break above 1.0055 would reactivate my bullish mode testing 1.0100 or higher. On the downside, a clear break below 0.9960 would expose 0.9900 – 0.9870 area.

EURUSD Daily Forecast: May 17

EURUSD Forecast
The EURUSD continued its bearish momentum yesterday bottomed at 1.1763 but closed higher at 1.1806 and hit 1.1837 earlier today in Asian session. The bias is neutral in nearest term but overall I remain bearish with nearest bearish target seen at 1.1735/00 area. Immediate resistance is seen around 1.1837 which located around a trend line resistance as you can see on my H1 chart below. A clear break above 1.1837 could trigger further bullish pullback but as long as stay below 1.1920 I still prefer a bearish scenario at this phase as a part of the descending triangle bearish scenario on the daily chart and any upside pullback should be seen as a good opportunity to sell.

GBPUSD Daily Forecast: May 17

GBPUSD Forecast
The GBPUSD had a bullish momentum earlier today in Asian session after another failure to make a clear break below 1.3480 key support, hit 1.3569. The bias is bullish in nearest term testing 1.3600 but as long as stay below 1.3710 I still prefer a bearish scenario and any upside pullback should be seen as a good opportunity to sell. On the downside, a clear break and daily close below 1.3480 would expose 1.3330 region.

USDJPY Daily Forecast: May 17

USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 111.00 – 111.50 region. Immediate support remains around 110.00 area. A clear break back below that area could lead price to neutral zone in nearest term testing 109.50 area but overall I still prefer a bullish scenario at this phase and any downside pullback should be seen as a good opportunity to buy.

USDCHF Daily Forecast: May 17

USDCHF Forecast
The USDCHF had another indecisive movement yesterday. There are no changes in my technical outlook. Price is still trapped inside the range area as you can see on my H1 chart below. The bias remains neutral in nearest term. Immediate resistance is seen around 1.0015. A clear break above that area could trigger further bullish pressure testing 1.0055 key resistance which need to be clearly broken to the upside to reactivate my bullish mode. On the downside, a clear break and daily close below 0.9960 would expose 0.9900 – 0.9870 region.

EURUSD Daily Forecast: May 16

EURUSD Forecast
The EURUSD had a strong bearish momentum yesterday after broke below the bullish channel as you can see on my H1 chart below, bottomed at 1.1820 and hit 1.1817 earlier today in Asian session. From a daily chart perspective, this fact not only gives further confirmation to the bearish pin bar scenario (printed on Monday) but also keeps the descending triangle bearish scenario alive and kicking. My bearish mode is now reactivated. The bias remains bearish in nearest term testing 1.1735 region. Immediate resistance is seen around 1.1875. A clear break above that area could lead price to neutral zone in nearest term but as long as stay below 1.1920 any upside pullback should be seen as a good opportunity to sell.

GBPUSD Daily Forecast: May 16

GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday, slipped below 1.3480 stubborn support but closed higher at 1.3502. The bias is bearish in nearest term especially if price able to make a consistent movement below 1.3480 testing 1.3330 support area. Immediate resistance is seen around 1.3525. A clear break above that area could lead price to neutral zone in nearest term testing 1.3600 region but as long as stay below 1.3710 I remain bearish and any upside pullback should be seen as a good opportunity to sell.

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