Forex Analysis & Reviews: Elliott wave analysis of Silver for April 12, 2022

Silver turned higher as the cycle bottomed. We are looking for a break above minor resistance at 25.85 for a continuation higher towards 30.00 and ultimately a rally towards the all-time high at 50.00.

Support is now seen at 24.59 that ideally will be able to protect the downside for the expected break above minor resistance at 25.85. Only a break below support at 24.13 will shift the tide towards the downside and a decline towards 23.38, but the odds for this outcome are very low.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on April 14, 2022

Yesterday we overestimated the possibilities of the dollar, the breakdown of support at 1.0820 did not happen. It may seem that investors took no action ahead of today's European Central Bank meeting and decided to keep the euro in the range of 1.0820-1.0945, but in fact there was a reaction to the general weakening of the dollar, which received a boost from sharply falling US government bond yields on Tuesday and Wednesday. Yields on 2-year securities have been declining since Monday, during this time it fell from 2.54% to 2.27%, and yesterday the dollar slightly correlated. By this action, the market makes it clear that the euro exchange rate in the current situation is more dependent on the policy of the Federal Reserve than on the policy of the ECB. And if the market's expectations regarding the June ECB rate hike justifies, the euro definitely has no reason to rise. In the best case, the price will linger a little more in the range of 1.0820-1.0945. This is our main scenario.

If there are problems with the main scenario, the price settles above 1.0945, then the euro is likely to rise to 1.1085 - to the Fibonacci channel line (daily), in the area of the MACD indicator line (blue). At the same time, price convergence with the Marlin Oscillator will finally form. We see no reason for such activity of speculators 2.5 weeks before the Fed rate hike by 0.50 points.

Convergence is also forming on the four-hour chart; it can be taken as already formed, since the signal line of the Marlin Oscillator is in the positive area. The convergence potential is enough to bring the price to the resistance area of the price level 1.0945 and the MACD line.

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Forex Analysis & Reviews: ETHUSD, Bullish Bounce | 18th April 2022

On the H4, we see the price is near pivot level. Price can potentially bounce from 1st support level of 2955.24 in line with the 61.8% Fibonacci projection and 61.8% Fibonacci retracement towards the 1st resistance level of 3083.99 in line with 78.6% Fibonacci projection. Alternatively, price may break through key support structure and head for our 2nd support level of 2835.69 in line with 78.6% Fibonacci projection.

Trading Recommendation
Entry: 2955.24
Reason for Entry:
61.8% Fibonacci projection and 61.8% Fibonacci retracement.
Take Profit: 3083.99
Reason for Take Profit:78.6% Fibonacci projection.
Stop Loss: 2835.69
Reason for Stop Loss:
78.6% Fibonacci projection.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Trading plan for Ethereum for April 20, 2022

Technical outlook:
Ethereum managed to rally through $3,130 highs on Wednesday before finding resistance. The crypto has plled back since then and is seen to be trading close to $3,095 levels at this point in writing. Intraday corrective drop remains possible through $2,980 mark, before the rally resumes higher toward $3,800-4,000 zone.

Ethereum has been in a counter trend rally since $2,140 lows,and is looking to progress toward $3,800 at least before turning lower again. Also note that $3,800 is close to fibonacci 0.618 retracement of earlier drop between $4,850 and $2,140 levels respectively. Further, the channel resistance is also passing through $3,800-4,000 zone.

High probability remains for a turn lower if prices manage to reach the above projection, as resistance would be strong. Bears will remain poised to be back in control from $3,800-4,000 mark and drag prices lower below $2,140 levels. Watch out for short term intraday support coming through $2,980 mark today.

Trading plan:
Potential rally through $3,800-4,000 against $2,100.
Good luck!

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on April 22, 2022

The euro's growth from yesterday was more than 80 points, but it could not do anything with the general strengthening of the dollar, with the expectation of an even greater discrepancy in the rates of the Federal Reserve and the European Central Bank, which eventually led the single currency to close the day with a black candle of 12 points. Today's report on the eurozone PMI indices for April are expected to weaken. The forecast for manufacturing PMI is 54.7 against 56.5 in March, expectations for non-manufacturing PMI are 55.0 against 55.6 a month earlier. We are waiting for a further decline to the target range of 1.0636/70. The Marlin Oscillator has not yet reversed from its zero line on the daily chart, which could slow down a potential price decline.

On the chart of the four-hour scale, the price and the readings of the indicators returned to the positions from yesterday morning. The only difference is that the MACD line slightly decreased, and now, for a reliable signal to decrease, the price should go under lower support, under the level of 1.0788. The bears' pressure on the price is not light.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Forecast for EUR/USD on April 26, 2022

The euro fell by 78 points yesterday. The 1.0636 key level (March 2020 low) is about 100 pips away, and now the price is correcting slightly before further preparations to overcome it.

The growing correction is expected to be small, the MACD indicator line on the four-hour chart (1.0755) serves as a reference point for its end. The price may slightly go above the indicator line. The Marlin Oscillator has turned up, it also tends to correct and discharge before further decline. Falling below yesterday's low at 1.0697 will start a new wave of decline for the euro.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Technical Analysis of EUR/USD for April 28, 2022

Technical Market Outlook
The EUR/USD pair had broken below the last week low seen at the level of 1.0757 and made a new swing low at the level of of 1.0481, however, in a case of the down move continuation, the next target for bears is seen at the level of 1.0336. This level is the key long-term technical support from 2020, so please keep an eye on the market behaviour around this level. The nearest technical resistance is located at 1.0654. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet. Weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0994
WR1 - 1.0884
Weekly Pivot - 1.0825
WS1 - 1.0717
WS2 - 1.0643
WS3 - 1.0535

Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 2, 2022

Technical Market Outlook
The EUR/USD pair had made a new swing low at the level of 1.047 and in the meantime, the bulls are trying to bounce towards the lower channel line located around the level of 1.0573, which is the nearest technical resistance as well. So far they failed to move back into the descending channel, so in a case of the down move continuation, the next target for bears is seen at the level of 1.0336. This level is the key long-term technical support from 2020, so please keep an eye on the market behavior around this level. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet. Weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0933
WR1 - 1.0710
Weekly Pivot - 1.0591
WS1 - 1.0363
WS2 - 1.0252
WS3 - 1.0032

Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: USDJPY, Potential for Bullish Continuation | 4th May 2022

On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 131.240 where the swing high resistance is from our 1st support at 129.374 in line with the horizontal pullback support and 50% and 78.6 Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.240 where the horizontal swing low support is.

Trading Recommendation
Entry: 129.374
Reason for Entry:
Horizontal pullback support and 50% and 78.6 Fibonacci retracement
Take Profit:131.240
Reason for Take Profit: Horizontal swing high resistance
Stop Loss: 127.240
Reason for Stop Loss:
Horizontal swing low support

Analysis are provided byInstaForex.

Forex Analysis & Reviews: Technical Analysis of EUR/USD for May 6, 2022

Technical Market Outlook
The EUR/USD pair bounce had been capped at the level of 1.0636 after the Pin Bar candlestick pattern was made at the H4 time frame chart. The oversold market conditions on the Daily time frame chart, indicate the down trend continues and there is no indication of trend termination or reversal just yet. The nearest technical support is located at 1.0469. The bearish market border is located at 1.0755, so there is still a room for bears to try to resume the down trend.

Weekly Pivot Points:
WR3 - 1.1064
WR2 - 1.0933
WR1 - 1.0710
Weekly Pivot - 1.0591
WS1 - 1.0363
WS2 - 1.0252
WS3 - 1.0032

Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a long-term trend reversal. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.

Analysis are provided byInstaForex.

Forex Analysis & Reviews: GBPUSD Potential for Bearish Continuation | 10th May 2022

On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.24080 where the 38.2% Fibonacci retracement and pullback resistance is to our 1st support at 1.22677 in line with the 161.8% Fibonacci extension and horizontal swing low support is. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24802 in line with the 61.8% Fibonacci retracement.

Trading Recommendation
Entry: 1.24080
Reason for Entry:
38.2% Fibonacci retracement and pullback resistance
Take Profit:1.22677
Reason for Take Profit:161.8% Fibonacci extension and horizontal swing low support
Stop Loss: 1.24802
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal pullback support

Analysis are provided byInstaForex.