EURUSD Weekly Summary: A broader look on Fibonacci retracement study

On my weekly chart below, price has been bearish in the last three weeks after failed to break above 1.5143 area

What is the direction of highest probability today? (18/12/09)

Direction of Highest Probability: BEARISH 60 minute trend resistance: 1.4460 Bullish Probability above: 1.4460 Significant resistance: 1.4460, 1.4883 Significant support:1.3740

EURUSD Forecast: Next target at 1.4250, CCI divergence and potential profit taking on Friday might produce upside correction

The EURUSD continued its bearish momentum yesterday,

GBPUSD Daily Forecast: December 18

On daily chart below we have CCI divergence indicating potential upside minor correction and potential profit taking activity on Friday testing 1.6250 resistance area. Consistent move below 1.6100 – 1.6040 area should trigger further bearish pressure

Daily Forecast for Crosses: December 18

The EURJPY had a significant bearish momentum yesterday, break below two trendline supports (blue, red). This fact should be seen as bullish failure and a bearish reversal scenario.

USDJPY Daily Forecast: December 18

The USDJPY failed to continue its bullish momentum yesterday, break below two trendline supports (blue, yellow) as you can see on my h4 chart below, but found support around 88.80 area.

The Banks Are Being Paid To Borrow

With all the talk about the Fed possibly raising interest rates in 2010, it’s important to remember that overall Fed policy will remain expansionary for several more years at least.

GBPUSD Daily Forecast: December 17

Although this fact lead us into no trading area in nearest term, I still prefer a bearish scenario and it is clearly too early for a bullish reversal scenario.

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