Forex Majors – Technical Overview And Weekly Price Forecasts

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Contents

Forex Majors – Technical Overview And Weekly Price Forecasts

The week ahead is sprinkled with a few volatility-triggering events, especially for the greenback, which appears to be strengthening across the board. The Fed is back in the spotlight this week with the release of the Meeting Minutes so we can expect strong moves Wednesday on most majors.

EUR/USD – Technical Outlook

Apart from the Fed Minutes scheduled Wednesday at 7:00 pm GMT, the EUR/USD will be influenced by a few other Euro-related events such as the German Flash Manufacturing and Services PMIs, both slated for release Thursday Feb 21 at 8:30 am GMT and Draghi’s speech scheduled for Friday Feb 22 at 3:30 pm GMT.

The pair is trading in a pronounced range from a Daily chart perspective but the strengthening of the US Dollar took it briefly below the 1.3000 mark where support is still evident. If support holds we can expect to see an extended climb towards the 100 days Exponential Moving Average (red line on chart) but this scenario could take more than a week to develop. Keep in mind that the latest strong move is bearish, the 1.1210 – 1.1200 a likely target if 1.1300 turns into resistance.

USD/JPY – Technical Outlook

Since the flash-crash on the 3 rd of January this year, USD/JPY has been on a bullish ride and is now trading near 110.80. Currently, there’s a battle waging at the 100-day EMA and the winner will very likely control the medium to long term movement. Considering the way the pair has been moving lately, and the overall strength shown by the US Dollar, it’s very likely we’ll see a continuation of the bullish move above the 100 days EMA. The Relative Strength Index is also moving up, printing higher highs and higher lows, without being overbought which supports that view. First resistance and target is the previous top at 111.10 (which may be reached even before the end of this week), followed by 111.50 and 112.00

USD/CHF – Technical Outlook

The US Dollar has been strengthening against the Swiss Franc as well lately but the pair has just reached a major hurdle, and a potential turning point, at 1.010. Although it is supported by a long term bullish trend line, the pair has printed an almost perfect double top at a strong resistance leveland the Relative Strength Index is in overbought territory. The double top is an inherently bearish chart pattern and the RSI is another indication that we could see a bearish pullback over the days to come, if not a full reversal. If the pair breaks 1.010, a retracement should follow soon after.

GBP/USD – Technical Outlook

The GBP/USD entered a wide trading range at the end of 2020. Since then it has test for resistance at the top of the range, reaching a high at 1.3210, and is now sitting at support near the middle of said range. The pair is now trading at 1.2900 and has descended below the 100 days EMA were it may consolidate before moving lower. From a longer term perspective, the pair is mostly ranging without a clear direction. This week’s Fed minutes and UK data may change that.

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Forex Majors – Technical Overview And Weekly Price Forecasts

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Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.

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About ForexCrunch

Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.

Follow us

Recent Updates

Disclaimer

Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.

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