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EURUSD Forecast
The EURUSD continued its bullish momentum yesterday, topped at 1.3032 and closed at 1.2998 after better than expected US core retail sales triggered another risk appetite sentiment. If we keep seeing good fundamental data, this bullish momentum likely to continue. On h4 chart below we can see price is moving strongly in a bullish channel indicating a strong bullish phase testing the trend line resistance (red). Although the medium and nearest term bias is strongly bullish, only a break above the trend line resistance could be a serious threat to the long term bearish outlook. Immediate resistance, which is also nearest bullish target is seen around 1.3120. Initial support at 1.2900 and the lower line of the bullish channel. Break below that area could lead us to neutral zone. CCI in oversold area and heading down on h4 chart so watch out for potential bearish pullback.GBPUSD Forecast
The GBPUSD had a bullish momentum, topped at 1.5585 after break above the triangle as you can see on my h4 chart below but we also had a fast downside pullback as price traded lower around 1.5490 at the time I wrote this comment. Overall we are still in bullish phase as many good fundamental data triggered risk appetite which produce broad Dollar weakness but market likely to stay volatile. Immediate support at 1.5460. Break below that area could lead us to neutral and no trade zone as direction would become unclear testing 1.5350 region. Initial resistance which is also the nearest bullish target is seen around 1.5650. Fundamental focus today will be on UK Claimant Count Change and BOE Gov King statement.USDJPY Forecast
The USDJPY had a bearish momentum yesterday, bottomed at 82.92 but whipsawed to the upside, testing the trend line resistance after the intervention by the Japanese government. Break above the trend line resistance could trigger further upside momentum testing 85.90. Immediate support at 83.35. Break below that area could trigger further bearish pressure but another intervention is possible. I prefer a bullish scenario at this phase. Intervention is something I don't want to fight.HAPPY TRADING
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