Category Archives for Weekly Forex Forecast

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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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Weekly Forex Forecast (December 5 – 9, 2016)

gbpjpy-broadening-wedge

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 […]

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

nzdusd-head-and-shoulders

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 […]

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Weekly Forex Forecast (November 21 – 25, 2016)

nzdusd-head-and-shoulders

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 […]

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Weekly Forex Forecast (November 14 – 18, 2016)

audusd-technical-break

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 […]

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