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EUR/USD Weekly Forecast - 23 April - 27 April

Sunday, Apr 22 2018
EUR/USD Weekly Forecast - 23 April - 27 April

After moving sideways for three months, the EURUSD appears to have broken a significant level on Friday. Does Friday’s breakdown mean that “key driver” is a bearish one? It looks that way, but the question now is whether or not sellers can follow through. In a perfect world, the break of the April 2017 trend line would have occurred during the middle of the week when there’s more volume.

But we don’t get to make the rules, and just because the breakdown occurred on a Friday doesn’t mean it isn’t valid. It does, however, warrant a more cautious approach if selling the EURUSD this week.

For now, though, as long as the 1.2310/30 area holds as resistance on a daily closing basis (New York 5 pm EST), we will stay bearish. I’ll also be interested in selling a retest of this area as new resistance.

Key support comes in at 1.2160 followed closely by the 1.2090 handle. Keep in mind that we have an ECB rate decision this Thursday at 7:45 am EST followed by the usual presser at 8:30 am EST.

More in this category: « GBP/USD Weekly Forecast - 23 April - 27 April AUD/USD Weekly Forecast - 30 April - 4 May »

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