Daily Price Action

Category Archives for Weekly Forex Forecast

Weekly Forex Forecast (March 27 – 31, 2017)

EURUSD key resistance

The EURUSD has enjoyed four positive weeks in a row since catching a bid at 1.0500. The pair continued its slow and steady rally last week with a Tuesday bounce from the 1.0712 support area. However, sellers have yet to achieve a daily close above the 1.0825 handle. This is a level that dates all […]

Continue Reading

Weekly Forex Forecast (March 20 – 24, 2017)

EURUSD confluence of resistance

The EURUSD had another relatively strong week, making it the third straight positive week since the March 3rd low at 1.0497. Buyers also managed a close above the 1.0712 handle, a level that has served as a pivot since early December of last year. But despite recent strength, Euro bulls have yet to make any […]

Continue Reading

Weekly Forex Forecast (March 13 – 17, 2017)

The EURUSD bulls finally did it. After several failed attempts to breach the 1.0635 area, Friday’s late session surge put the single currency well above the mark. Yes, there was some profit taking into the close, but that isn’t abnormal especially given Friday’s 130 pip rally. At the end of the day, the pair still […]

Continue Reading

Weekly Forex Forecast (March 6 – 10, 2017)

EURUSD range

Despite making no real progress last week, the EURUSD certainly wasn’t idle, particularly in the final 24 hours of trade. On Wednesday I shorted the pair at 1.0588 on a retest of a level that extends from the February 16th high. I had mentioned the 4-hour wedge pattern on February 27th, and the subsequent false break […]

Continue Reading

Weekly Forex Forecast (February 27 – March 3, 2017)

EURUSD range

The EURUSD started last week with a retest of the 1.0635 handle, an area I mentioned a few days prior. This is the location of several weekly closes of late as well as the 38.2% Fibonacci retracement for the current 2017 range and current February range. I had entered short on Monday’s retest and managed […]

Continue Reading

Weekly Forex Forecast (February 20 – 24, 2017)

EURUSD new resistance

The EURUSD lost the 1.0635 handle on Friday after breaking above it the previous day. This was a risk that I mentioned just hours before the weekly close. But why am I focused on 1.0635? I know some of you were questioning the importance of this level, and it’s a valid concern. Here are a […]

Continue Reading

Weekly Forex Forecast (February 13 – 17, 2017)

EURUSD range

The EURUSD broke down from a significant area last week at 1.0715. This is the intersection of channel support and a level that had supported the pair on the 3rd and 6th of February. I commented on Tuesday’s breakout with an emphasis on how the 1.0715 area is now resistance. Just hours later the pair […]

Continue Reading

Weekly Forex Forecast (February 6 – 10, 2017)

EURUSD ascending channel

After beginning last week with a 100 pip slide, the EURUSD bounced back to end the week with a close above the key 1.0715 area. The single currency has been trending higher since the beginning of the new year. And while the velocity of recent gains hasn’t come close to the two selloffs in November […]

Continue Reading

Weekly Forex Forecast (January 30 – February 3, 2017)

EURUSD rising wedge pattern

The EURUSD has backed itself into a corner to start the new week. On Friday, the pair failed to breach new resistance at 1.0715 but also didn’t break below the 4-hour trend line I mentioned on Thursday. You can see from the chart below that the pair spent most of Friday hovering just above the […]

Continue Reading

Weekly Forex Forecast (January 23 – 27, 2017)

EURGBP head and shoulders

The EURUSD continued to chop higher last week, gaining 100 pips from the gap down on Monday. While I do still think the 1.0650 handle is significant, another level that has caught my attention is last week’s high at 1.0715. This area was the January 2016 low and later served as a pivot in November […]

Continue Reading

Weekly Forex Forecast (January 16 – 20, 2017)

EURUSD resistance

The EURUSD continues to consolidate between 1.0366 and 1.0650. And while buyers managed to send the pair higher last week, they were unable to breach the 1.0650 handle on a daily closing basis. But although the bearish momentum has intensified over the past few months, I wouldn’t be surprised if we see additional gains in […]

Continue Reading

Weekly Forex Forecast (January 9 – 13, 2017)

GBPUSD false break

After struggling for much of December, EURUSD bulls made some progress last week. And although the single currency lost significant ground on Friday, the losses were mild compared to other majors such as the British pound and New Zealand dollar. For this reason, the Euro isn’t one of my preferred currencies to short at the […]

Continue Reading

Weekly Forex Forecast (January 2 – 6, 2017)

NZDCAD weekly pin bar

After consolidating for a few sessions, the EURUSD finally made a move that started on Thursday of last week. However, the 250 pip rally stalled on Friday, forcing buyers to give up more than half of the recent gains. This selloff formed a bearish pin bar at the 1.0515 handle, a level we’ve had our eye […]

Continue Reading

Weekly Forex Forecast (December 26 – 30, 2016)

GBPUSD new resistance

Apart from Thursday’s session, the EURUSD spent last week trading in a 130 pip range. The consolidation is something I mentioned last weekend as a probability given how aggressively the pair has lost ground since December 8th. As for key levels, nothing has changed from the last weekly forecast. The 1.0460 handle will likely continue […]

Continue Reading

Weekly Forex Forecast (December 19 – 23, 2016)

NZDJPY key technical break

The EURUSD furthered its descent last week with a close below the former multi-year low at 1.0461. Also of significance was Thursday’s low, which at 1.0365 makes it the lowest print for the single currency since January of 2003. Given how aggressively the pair sold off in the second half of last week, I wouldn’t […]

Continue Reading
1 2 3 8