EUR/USD, GBP/USD, USD/JPY
Weekly Forex Analysis
(June 14 - June 21, 2021)
Hey! This is Philip with our new weekly outlook for EUR/USD, GBP/USD, and USD/JPY.
The text below contains only a short preview.
EURUSD Technical Analysis
The toppish pattern around 1.2266 suggests more downside action is on the cards for EURUSD. The key focus lower is the 1.20 support zone, as is so obvious from this weekly chart shown below.
Indeed, there isn't much to stop the pair from reaching the 1.20 area, as both the weekly and daily charts seem to point out. But, if and once that happens, strong buying forces are likely to emerge in this 1.20 support area. The bulls need to hold 1.20 as a break below it will clear the way toward
the next weekly support, which is down at the 1.16 area.
For the bears, a sustainable return of the price above 1.22 would be an early bad sign. The key weekly resistance area is between the 1.2266 highs and the more prominent highs from January near 1.2350.
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