Daily Price Action

Category Archives for Weekly Forex Forecast

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

Weekly Forex Forecast (December 12 – 16, 2016)

GBPUSD wedge

The EURUSD is teetering on a significant level heading into this Wednesday’s Fed rate decision. The 1.0515 handle has served as support since the pair came off its 3,500 pip plunge in early 2015. This retest comes after last week’s failed attempt to breach the January low at 1.0710. Although buyer’s managed a close above […]

Continue Reading

Weekly Forex Forecast (December 5 – 9, 2016)


The road ahead for the EURUSD looks pretty straightforward from here. The pair closed last week 40 pips below key resistance at 1.0710. This level is the January low and also served as support on a couple of occasions between March and April of last year. To the downside, we have the 1.0515 handle. This is […]

Continue Reading

Weekly Forex Forecast (November 28 – December 2, 2016)


The EURUSD is flirting with a major support level that extends from the 2015 low at 1.0460. This comes after a record ten-day losing streak that cost the pair more than 700 pips. The weekly chart below shows the support level in question. While this trend line may vary by broker due to the volatility on […]

Continue Reading

Weekly Forex Forecast (November 21 – 25, 2016)


Following the EURUSD‘s sizable 445 pip slide following the November 9th U.S. elections, the pair tacked on another 270 pips of losses last week. That amounts to ten consecutive down sessions, a feat that didn’t even occur during the 3,500 pip landslide that began in May of 2014. However, the pair did come into a […]

Continue Reading

Weekly Forex Forecast (November 14 – 18, 2016)


EURUSD suffered one if its biggest losses of the year last week. The pair ended Friday 200 pips below the week’s open and a massive 440 pips below the weekly high. The Trump-inspired surge followed by a sharp selloff led to a weekly candle that engulfed the last eight weeks of price action. This drop combined […]

Continue Reading

Weekly Forex Forecast (November 7 – 11, 2016)


The EURUSD looks determined to retest trend line resistance that extends from the current 2016 high at 1.1615. Friday’s close above the 1.1122 handle appears to be significant and could lead to at least another 40 to 50 pips of upside in the week ahead. With that said, the May trend line will likely put […]

Continue Reading

Weekly Forex Forecast (October 31 – November 4, 2016)


It wasn’t until the last few hours of Friday’s session that EURUSD bulls managed to push prices higher by a considerable margin. Before that, all they could do was drive the pair sideways below the 1.0950 handle. Friday’s late session surge puts the pair back above the July lows. However, former wedge support that extends from […]

Continue Reading

Weekly Forex Forecast (October 24 – 28, 2016)


The EURUSD played out as expected last week after closing below trend line support that extends from the March 10th ECB low on October 14th. I mentioned the retest of the level as new resistance on October 17th. However, the one thing that didn’t sit well with me was the 100 pip gap between the […]

Continue Reading

Weekly Forex Forecast (October 17 – 21, 2016)


The EURUSD appears to have made a significant break to end the week. Friday’s session came to a close with the single currency 35 pips below trend line support that extends from the March 10th ECB low. I mentioned this level on October 13th as an area that if broken, would likely trigger an increase in […]

Continue Reading

Weekly Forex Forecast (October 10 – 14, 2016)


Last week gave further credence to the notion that the EURUSD is unfit for trading. After losing 57 pips on Thursday and setting a two-month low on Friday the single currency bounced back to end the session higher by 51 pips. In other words, the volatility and indecisive price action continue. From here traders can watch for […]

Continue Reading
1 2 3 8