Hey! This is Philip with our new weekly outlook for EUR/USD, GBP/USD, and USD/JPY.

 

 

 

This week we are turning to the weekly EURUSD chart, where we can clearly see the definite break below the 1.19 level last week. From this perspective, the 1.16 support level is on the cards for EURUSD, if not highly likely.

 

The only (moderate) obstacle that may inhibit an immediate downside continuation is the 1.1750 zone, where the support trendline of the downward channel stands (see chart below). However, this is not a strong support zone, so it wouldn’t be surprising if the bears simply take EURUSD down through it.

 

On the other hand, if the downward channel stays intact as it is, the projections suggest that EURUSD would reach the 1.16 area in late April at the earliest or mid-summer at the latest.

 

The present levels of the resistance trendline currently stand at 1.20. Hence the trendline, concurs with the important resistance in this price zone.

 

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If you have any questions or feedback, don't hesitate to reply to this email.

 

Best Regards,
Philip
Senior Forex Manager
FX Trading Revolution
w: www.fxtradingrevolution.com 

e: philip@fxtradingrevolution.com