Hey! This is Philip with our new weekly outlook of the Forex market.

 

 

 

Much as we flagged in our Fx weekly analysis last week, EURUSD broke the support trendline and the floodgate for further downside correction was opened. While this downside correction may go all the way to 1.20, it won’t happen in a straight line. Rather, it’s much more likely that we’ll see some zig-zag swings to the downside on the weekly chart or even plain choppy consolidation.

 

On the chart below, we highlight a potential (possible but unconfirmed) slope of the EURUSD uptrend. As can be seen, the resistance trendline was confirmed with last week’s rejection. The projected parallel support trendline suggests 1.20 is easily within reach if this correction unfolds as expected.

 

Aside from the obvious 1.20 support, 1.19 is also likely to prove a big hurdle for sellers to break if EURUSD declines that far. To the upside, the 1.23 area and the 1.2340 high is now the confirmed resistance.

 

Like any other investor, I try to buy low and sell high... but the BIG difference with me is that I like to buy just one kind of stock and none other. These unique companies are almost always monopolies. And are mandated by law to make a profit. Not a single company in this entire industry has ever gone out of business-ever. And one last thing: the dividend yields are massive.

Full story inside.

 

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