Forex Analysis & Reviews: Forecast for EUR/USD on April 27, 2021

EUR/USD Yesterday, the euro marked a downward turn after a correctional growth of 61.8% of the movement from January 6 to March 31. The first sign of it was when the divergence formed on the four-hour chart. The reversal should take place in two stages: consolidating under the MACD indicator line at H4 and settling under the same indicator line on the daily (1.1980).

The growth will likely recover after the price goes over yesterday's high at 1.2117. In this case, the target will be the 76.4% correction level at the price of 1.2200. We choose a price reversal and a further medium-term decline as the main scenario, since the price still develops in the global descending channel, which originates from July 2008.

So, we are waiting for the price to settle below 1.2060 and fall to 1.1980.

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Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 29, 2021

Technical Market Outlook:

The EUR/USD pair has been seen moving higher despite the several candlestick patterns warning about the potential local trend termination. The recent rally made the approach towards the level of 1.2149, just below the lower level of the supply zone located between the levels of 1.2154 - 1.2178. Please notice, the market conditions on the daily time frame chart are now overbought, so the chances for another wave up are decreasing and the pull-back or correction might start to develop soon. The next key technical support is seen at the level of 1.2011 and 1.1953.

Weekly Pivot Points:
WR3 - 1.2320
WR2 - 1.2206
WR1 - 1.2167
Weekly Pivot - 1.2057
WS1 - 1.2010
WS2 - 1.1890
WS3 - 1.1850

Trading Recommendations:

The weekly time frame chart show the counter-trend corrective cycle is still in progress, but if the trend line on the daily time frame chart is violated, then the up trend might be considered done. The corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 3, 2021

EUR/USD
Last Friday, the euro plummeted 100 points, dropping one point below its opening on April 20th. Our bewilderment regarding the euro's growth in the last ten days has been resolved - it turned out to be speculative. Investors definitely didn't believe Federal Reserve Chairman Jerome Powell's vague explanation of the stability (absence) of inflation.

The price fell below the 50.0% Fibonacci level on the daily chart. Falling below the 38.2% level (1.1952) opens the way to the lower embedded line of the price channel in the 1.1675 area.

A downward situation has developed on the four-hour chart: the price is below the balance and MACD indicator lines, the MACD line itself is turning down, while the Marlin oscillator is in the negative trend area. We anticipate the euro's decline. The first target is 1.1952.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 5, 2021

EUR/USD
The euro fell by 50 points on Tuesday, breaching the 50.0% Fibonacci level. Today's task is to settle below this level (1.2025). The price still needs some time to reach the 1.1952 target level, perhaps two days, since the price is still above the MACD line and the Marlin oscillator is in the zone of positive values.

The price did not form a strong convergence with Marlin on the H4 chart. It is possible for it to settle below the 1.2025 level (the goal for today) before it falls even deeper.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 7, 2021

EUR/USD
The euro did not wait for the US employment report to be released today and, bouncing off the MACD indicator line, rose by 60 points yesterday. We underestimated the impact of this technical instrument, relying on the idea of market consolidation ahead of Friday's report. Nevertheless, the market is still in a position for growth, the bulls realized the remaining potential, but now, after testing the MACD line, the next branch of the price decline can overcome it without delay. The technical task of the price remains the same - to overcome 1.2025, then move to 1.1952. Targets are determined at 50.0% and 38.2% Fibonacci levels on the daily chart. The third target is 1.1856.

The MACD line at 1.2080 is an obstacle to price growth on the four-hour chart. Today's US employment report is expected to be strong: for new jobs in the nonfarm sector, the consensus forecast is 978,000, the overall unemployment rate is 5.8% against 6.0% in March. We are waiting for the euro to fall.

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Forex Analysis & Reviews: Forecast for USD/JPY on May 11, 2021

USD/JPY
The US dollar, despite losses against the European currencies, manages to hold out against the yen. Yesterday it grew by 14 points. There are about 40 points left before the price reaches the most important level of 109.26, and after that the 110.44 level is just ahead of us. The Marlin oscillator is once again trying to attack the border of the growing trend zone.

The price lingered for a bit on the MACD indicator line on the four-hour chart. Marlin is also not in the growth area, the price is expected to simultaneously exit above the MACD line and Marlin to enter the zone of positive values. We are waiting for growth.

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Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 13, 2021

Crypto Industry News:
During the first 7 days from the introduction of Ethereum Futures to the market by CME, the value of concluded contracts exceeded USD 23 million. According to a recent OKEx Insights report, "partial data for the week ending April 25 shows weekly volumes hit an all-time high of $ 353 million - over 166% more than the previous week's $ 132.57 million.

"Moreover, the number of contracts opened in the CME Ether Futures market also increased at a similar pace. The aforementioned report showed in this respect that:

"During the first month of trading, ETH Futures had an average Open Interest of $ 61.17 million. March data showed a significant spike in activity with average Open Interest peaked at $ 101.67 million.

In fact, since April 21, OI figures have risen to $ 205.6 million, reflecting the size of institutional measures that hit the Ethereum market in the last few months.

According to OKEx Insights, one of the main factors behind this was the normalization of mainstream cryptocurrency investing. The authors of the report argue that it was a byproduct of MicroStrategy, MassMutual and Tesla's entry into the cryptocurrency space, and each of these companies' actions legitimized a sector that had long struggled for Wall Street's attention.

Technical Market Outlook:
The ETH/USD pair has tested the key short-term technical support located at the level of $3,596 and bounced more than 50% already. The next local target for bulls is the 61% Fibonacci retracement located at the level of $4,074. If this retracement level is clearly violated, then bulls will likely test the ATH again (located at $4,369). The momentum is strong and positive, so it supports the bullish outlook for ETH.

Weekly Pivot Points:
WR3 - $4,545
WR2 - $4,714
WR1 - $4,394
Weekly Pivot - $3,656
WS1 - $3,369
WS2 - $2,577
WS3 - $2,290

Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.

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Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 17, 2021

EUR/JPY is in the final leg higher to the 133.66 target from where we should expect a correction in wave 4/ towards at least 130.82 and likely even closer to the 38.2% corrective target seen at 129.06. In the short term, a break below minor support at 132.00 will indicate that wave 3/ is complete and wave 4/ lower to support in the 129.06 - 130.82 area is in motion before rising higher again in wave 5/ towards 137.19.

Trading recommendation:
Sell long positions in EUR/JPY near 133.66 or upon a break below 132.00 and look for a new buying opportunity near 129.06

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Forex Analysis & Reviews: Forecast for GBP/USD on May 19, 2021

GBP/USD
The pound gained 54 points on Tuesday. Trading volumes were at the level of the last two days and were generally average for the month. The growth probably occurred mainly due to the closing of moderate positions in terms of volume. On the daily chart, a price divergence is formed with the Marlin oscillator. The oscillator is probably preparing to leave the area from its own rising channel.

The divergence looks stronger and almost complete on the four-hour chart. With the price moving below the MACD line, around the level of 1.4103 (May 11 low), the price will move to 1.4004, to the May 13 low.

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Forex Analysis & Reviews: Forecast for USD/JPY on May 21, 2021

USD/JPY
Yesterday, the dollar lost 44 points against the yen, but this day may be the last in the current stage of suppressing the pair's growth. Equity markets rose well yesterday (S& P 500 1.06%), this morning, the dollar shows a technical recovery to strengthen.

On the daily chart of the USD/JPY pair, the Marlin oscillator turns to the upside from the zero (neutral) line. Sure. These are only signs that the pair would rise. First of all, the price should rise above the strong resistance at 109.37. In this case, the 109.97 target is open, to which the MACD line is aiming for, then it may continue to rise to the area where two lines of price channels at 110.50 intersect.

On the four-hour chart, the only weak sign of growth is the Marlin Oscillator, which is turning up, but is still in the negative area. The MACD line coincides with the technical price level of 109.37, this increases the level's significance and at the same time its strength. We are waiting for the development of events.

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Forex Analysis & Reviews: Forecast for EUR/USD on May 25, 2021

EUR/USD
The consolidation we expected yesterday acquires an increased range, the price returns to the peaks on May 19 and 21. Most likely, the price will not be allowed to rise above these highs by the price channel line and double divergence with the Marlin oscillator. Until this exit has taken place, the main scenario is the euro reversal towards the departure under the May low of 1.1985.

The price is above the balance indicator lines and the MACD on the four-hour chart, while the Marlin oscillator has moved into the growth area. We don't expect Tuesday to be an easy day for the dollar, the euro, most likely, will stay above 1.2170 for another day.

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