EURUSD Forecast Week of 18-22 September

[Fxters]

EURUSD Forecast Week of 18-22 September

EURUSD parity stuck between solid points of support and resistance. On the top-side, we have strong long-term resistance by way of the 2012 low (two reversal days – 8/29 & 9/8 – as evidence of sellers), while on the bottom-side lies the trend-line rising up from April in confluence with support around 1.08200.

It seems that the direction of the EURUSD movement will become clear after this week’s FOMC meeting.

Technically EURUSD Forecast


On weekly EURUSD Chart, we see that the price tested 1.18300 Fibonacci Retracement 61.80% of the downside movement started May 2014. This level is very important support for EURUSD. Breaking out this support may carry the price 1.16500 levels.

An important detail appears on the weekly chart. RSI divergence which indicates a bullish movement.
We can see the same RSI divergence on Daily EURUSD chart. EURUSD price is above Moving Averages 50 and 12. Stochastic Oscillator mix but looks bullish.

Price closed the week at 1.19400. In short term, it is important to make closings above 1.19100 for the continuation of upside movement.

Uptrend channel is very clear. We believe that EURUSD will test 1.20800 soon. This is an important resistance for the parity and breaking out of this level will confirm us 1.22300 and 1.24500. However, we will be keeping eye on 1.18400 support.

[mlawson71]

The market closed at 1.0980 and remains bullish for now, we will likely see a breakout above 1.1000 next week.

[mlawson71]

The market will open again soon, I think we will likely see another move north.

[mlawson71]

I thought EUR/USD would rally, but the shooting star below 1.1000 it formed yesterday on the daily time-frame is making me suspicious that the move north may be over after all.

[mlawson71]

EUR/USD continues testing 1.1000, I would recommend not to trade this pair until we see a proper breakout or a move to the downside.

[mlawson71]

The move north finally continues! EUR/USD broke out above 1.1000 and I think we will see it rally toward 1.1050 - 1.1060.

[mlawson71]

The move north continues and EUR/USD did reach 1.1060 but it is yet to break out above it. Next week we may see it rise to 1.1100 and above.

[mlawson71]

It looks like EUR/USD may pull back from 1.1060 and depreciate back to 1.1000 before it begins rallying again.

[mlawson71]

EUR/USD is still developing around 1.1030, but the move north will likely continue. Let's see whether it will rally above 1.1100.

[mlawson71]

EUR/USD is still testing 1.1060 but has not broken out above that level yet. It may still do so before the end of the week.

[mlawson71]

EUR/USD finally broke out above 1.1100! The last high is at 1.1165, so I think that's the next target.

[mlawson71]

The EUR/USD move north continues but it's yet to reach 1.1165, by the looks of it we may have to wait for next week for that to happen.

[mlawson71]

EUR/USD found some resistance at 1.1180 and it has formed several spinning top candlesticks at that level on the four-hour time-frame, there may be a correction coming before a new move north.

[mlawson71]

There is a shooting star candlestick at 1.1175 on the daily time-frame, so it is possible EUR/USD may reverse from its current move to the upside.

[mlawson71]

The move south continues for now, I think it may drop to 1.1100.

[mlawson71]

EUR/USD remains bearish after all and we may see it break out below 1.1100 before the market closes tomorrow.

[mlawson71]

The move south continues and EUR/USD dropped below 1.1100, next target is likely at 1.1050.

[mlawson71]

It found some support at 1.1070 but I think EUR/USD will likely keep falling during the week.

[mlawson71]

Interesting, the move to the downside turned out shorter than I assumed it would be. EUR/USD is rallying back toward 1.1150.

[mlawson71]

EUR/USD almost reached 1.1180 today, let's see whether it will form a double top or it will continue moving north.

[mlawson71]

EUR/USD did form something of a double top at 1.1180 but it remains bullish, let's see whether it will rally above the resistance.

[mlawson71]

EUR/USD remained bullish as the market closed but the double top was not broken, let's see whether there will be a breakout next week.

[mlawson71]

The market will open again soon, let's see whether the pair will begin moving north to break out above the double top.

[mlawson71]

EUR/USD pulled back from the double top again but there is still a possibility to break out above it.

[mlawson71]

The double top did remain and EUR/USD depreciated back toward 1.1070. I think it will continue falling to 1.1050.

[mlawson71]

EUR/USD has been testing 1.1070 repeatedly for weeks, let's see when it will finally break out below it.

[mlawson71]

EUR/USD dropped to 1.1020 and it remains very bearish. I think we may see it depreciate below 1.1000 soon.

[mlawson71]

EUR/USD is very bearish and next week the move south will likely continue.

[mlawson71]

Let's see how it will develop next week.

[mlawson71]

EUR/USD found some support at 1.1015 today but I think it remains bearish and will continue depreciating this week.

[mlawson71]

EUR/USD is still struggling to break out below 1.1050 but I think we will see that happening soon. I won't open shorts before the breakout though.

[mlawson71]

EUR/USD broke out below the support at 1.1000, next target will be around 1.0960 - 1.0950.

[mlawson71]

It's back to testing 1.1000 but I think it will eventually continue moving south.

[mlawson71]

So much about a breakout below 1.1000 for now. EUR/USD formed a spinning top on the daily time-frame at that level and bounced off from it, by the looks of it the pair will rally to 1.1075.

[mlawson71]

The market is about to open soon, do you think the pair will rally to 1.1100?

[mlawson71]

Let's see how the pair will develop.

[mlawson71]

The pair remains quite bullish so I think we will, indeed, see it rally to 1.1100 soon and it may even break out above it.

[mlawson71]

We will have to wait and see whether EUR/USD breaks out above 1.1080 to rally to 1.1100 but if it does the move north may continue, I think.

[mlawson71]

It reached only 1.1080 before pulling back from that level, how it will develop from here is still unclear, I think.

[mlawson71]

The pair has formed a hanging man candlestick on the daily time-frame and naturally began falling after that. Next target is likely at 1.1020.