EURUSD Forecast Week of 18-22 September

[mlawson71]

EUR/USD decided to rally during the last day of 2019 and the first day of 2020 and reached 1.1240, it will likely break out above 1.1250 too.

[mlawson71]

It pulled back from 1.1240 which was to be expected after such a rally, but after a correction the move north will likely continue.

[mlawson71]

So much about a rally, the pair is back at 1.1130 and by the looks of it there may be a drop to 1.1100.

[mlawson71]

The depreciation stopped at 1.1120, let's see whether it will continue next week.

[mlawson71]

Either way, EUR/USD is at 1.1160 and it is unclear how it will develop for now, it's possible it will depreciate back below 1.1150.

[mlawson71]

It formed an inverted hammer candlestick at the support 1.1130 on the daily time-frame and bounced off from it, apparently this was the end of the current depreciation.

[mlawson71]

It's consolidating around 1.1180, the pair is as undecided as it was before the holidays.

[mlawson71]

The move south continues, I think it will depreciate back toward 1.1100 and may even break out below that level.

[mlawson71]

It dropped to 1.1100 as I thought it would but a breakout is yet to occur, which is still possible to happen by the end of the trading week.

[mlawson71]

EUR/USD depreciated to 1.1085 and found some support there but it remains bearish for now so it will likely break out below that support.

[mlawson71]

It failed to break out below 1.1085 after all and bounced off from it. Let's see how it will develop next week.

[mlawson71]

Let's see how it will develop tomorrow.

[mlawson71]

It's consolidating above 1.1100 and so far remains undecided, I don't see a signal for a change yet.

[mlawson71]

It's still testing the resistance at 1.3070 despite the signal for a move south, let's see whether will prove to be a false signal.

[mlawson71]

It briefly broke out above 1.1150 but now it's back below that level, whether there will be a true breakout remains to be seen.

[mlawson71]

The move north continues apparently. It broke out above 1.1150 and I think we will see it reach 1.1200.

[mlawson71]

There was a shooting star candlestick at 1.1170 on the daily time-frame before the new move south began, so we may see it drop below 1.1100.

[mlawson71]

The market closed while the pair was still testing the support at 1.1090, next week it may continue depreciating.

[mlawson71]

Let's see how it will develop next week.

[mlawson71]

EUR/USD is still testing the support at 1.1090 - 1.1080 but I think it will keep depreciating later this week.

[mlawson71]

It found some support at 1.1075 but it's unclear for now whether it will bounce off from it.

[mlawson71]

The pair has formed a hammer candlestick at the support at 1.1075 - 1.1080. It is quite likely that it will, indeed, bounce off from it.

[mlawson71]

EUR/USD also formed an inverted hammer at 1.1080, so even if the move north does not begin this week there will most likely be one next week.

[mlawson71]

Well, so much about a move north, that signal clearly proved false. It happens sometimes, unfortunately. EUR/USD is depreciating and may soon reach 1.1000.

[mlawson71]

It could not break out below 1.1000 this week but considering how bearish the pair is that may still happen once the market opens on Monday.

[mlawson71]

The market will open soon, let's see whether the depreciation will continue.

[mlawson71]

The pair remains bearish but it is yet to break out below 1.1000 which will likely happen later this week.

[mlawson71]

It dropped to 1.1000 as I thought it would, I think it will break out below that level and continue depreciating toward 1.0980.

[mlawson71]

The pair remains at 1.1000 and I think we will soon see a breakout below that level.