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Weekly outlook for the most popular FX pair, the EURUSD. Analysis with the key events for the week ahead, and possible trading ideas.

EUR USD Forecast Nov. 15th to Nov. 19th Messages in this topic - RSS

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John Lee Rossi
John Lee Rossi
Administrator
Fundamental & Technical Research
Posts: 12


16 days ago
John Lee Rossi
John Lee Rossi
Administrator
Fundamental & Technical Research
Posts: 12
EUR USD Weekly Analysis Nov. 15th to Nov. 19th

As we expected, the EURUSD bounced up to revisit the daily resistance line, failed to make a breakthrough and resumed its way downwards to close the week on a strong bear note, breaking old weekly support levels, while almost reaching the daily support level. On the H4 chart, we can see that the RSI is in the oversold area but has not yet shown a buy signal, and the price action has almost reached the daily resistance, but there is still some room for further down action.

EUR USD Forecast Nov. 15th to Nov. 19th

We expect a Doji candle on the weekly chart, probably moving up to around 1.1510 to 1.1520, retesting this key weekly level that has acted as support and now may become resistance. The beginning of the week could show a rather strong buy activity, as a result of the current oversold situation, but lacking news to move the price further up, traders would probably see this level as a sold opportunity, and the pair should close the week at some point around the 1.1480 area.

As mentioned before, there is still some room for further down movement before the pair retraces its steps, so the next weekly candle could have a downside component that could try to reach the 1.14 area. If so, such levels would likely be visited at the beginning of the week and could potentially be an interesting entry point for a modest long position, hoping to catch some of the eventual retracement on the main downtrend that is currently developing on the daily chart.

Trade safely, and many green pips smile

--
An investment in knowledge pays the best interest - Benjamin Franklin

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