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Category Archives for Weekly Forex Forecast

Weekly Forex Forecast (April 24 – 28, 2017)

EURUSD levels

I’m going to do things a little different this time given the volatility that could result from today’s outcome of the French elections. I’m still providing the immediate support and resistance levels for the pairs below, but I’ll also discuss each from a broader perspective. I will then provide updates throughout the week once markets […]

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Weekly Forex Forecast (April 17 – 21, 2017)

EURUSD trend line

The EURUSD closed last week just 24 pips above the open. The pair continues to teeter on trend line support that extends from the current 2017 low which has quite literally kept buyers on edge. A comment from President Trump concerning the strength of the U.S. dollar spurred a 60 pip relief rally on Wednesday, […]

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Weekly Forex Forecast (April 10 – 14, 2017)

EURUSD trend line

The EURUSD spent the first half of last week consolidating above the 1.0635 handle. This wasn’t surprising given the previous week’s 260 pip bearish engulfing candle. However, just before Friday’s non-farm payroll (NFP), the single currency began to slip below 1.0635 support. It turned out to be a sign of things to come as the […]

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Weekly Forex Forecast (April 3 – 7, 2017)

EURUSD range

For the better part of March, the EURUSD looked relatively bullish, particularly the March 27th close above the 1.0825 handle. The level dates back to 1999 and was responsible for the February 2nd bearish pin bar earlier this year. Moreover, 1.0825 is the 38.2% Fibonacci retracement when measuring from the 2016 high at 1.1615 to […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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