Dollar Index Update

$USDX Daily Chart - The dollar index gained last week as expected, reaching the first check point at 1.382 of BC (previous post). The Euro and Pound weakened about 130 pips and 180 pips respectively against the dollar while Yen, Swiss Franc and Canadian Dollar weakened 131, 130 and 160 pips respectively.

$USDX 4 hour Chart - I remain bullish on the US against the Yen and Canadian Dollar, but I think it might find resistance against the Euro, Pound and CHF. Next check point for USDX is at 84.82. Economic Data Calendar 

$EURUSD Outlook

EURUSD DAILY CHART - Retracement of wave 2-3 extended to 78.6% this week, which is near 89 day EMA and 38.2% level of the major downtrend. I think there is a good chance of near-term reversal with support area between 1.3000/1.3150 based on the technical. I am hoping to see the pair trade above 1.3500 again in March if not sooner.

$EURUSD Outlook Update

EURUSD DAILY CHART - Price actions since last post really indicate long-term recovery for the Euro. The pair reach 90% projection level around 1.3700 but I think correction is very likely before another test toward 1.3800 area which will complete major AB=CD pattern and bring bigger correction. 

EURUSD 4-HOUR CHART - I am looking for correction pattern between 1.3500 and 1.3700 for the following weeks.

$EURUSD Outlook Update

EURUSD DAILY CHART - The pair finally reach target from previous post (FE 61.8% at 1.3370). I  expect choppy movements between 1.3100/1.3000 support area and 1.3500/1.3370 resistance area for next week.

EURUSD WEEKLY CHART - Above 1.3500 will extend recovery outlook toward 1.3800/1.4000 near 61.8% retracement level of 2-year high (1.4937) and low (1.2040).

$EURUSD H1 Chart Update

The completion of the double top pattern failed to trigger sharp correction and consolidated between prior week top and bottom instead. This development actually strengthen its medium-term bullish outlook although a lower correction toward 61.8% retracement level is still normal in my opinion. Or in other words I believe that the Euro should find support above 1.2870 against the Dollar if the bull lose current ground above 38.2% retracement level at 1.3142. I am hoping that the pair will eventually reach 61.8% projection at 1.3369.

EURUSD HOURLY CHART (PREVIOUS OUTLOOK).

EURUSD HOURLY CHART (CURRENT OUTLOOK).

EURUSD DAILY CHART - Medium-term outlook unchanged.

$EURUSD Technical Outlook

EURUSD DAILY CHART - Medium-term outlook remain bullish above 1.2660. First target is 61.8% of 1.2040 to 1.3170 from 1.2660 at 1.3370.

EURUSD HOURLY CHART - Weekly outlook suggest short-term reversal below 1.3300 (last at 1.3186) targeting 50% retracement level at 1.3091.