EURUSD, GBPUSD, USDJPY
Weekly Forex Analysis
(February 01 - February 05, 2021)
Hey! This is Philip with our new weekly outlook of the Forex market.
EURUSD Technical Analysis
EURUSD is so far following our base case scenario that we described in last week’s analysis, albeit not exactly (you can find that post here). While EURUSD rebounded at the 1.20 support zone as we expected, it firstly fell all the way down to 1.1950 before rebounding above 1.2050.
Still, as you probably know, technical S/R zones are not exact levels, and this type of price action is not surprising, especially at such a sensitive area on the chart. So, with the rebound now confirmed, it seems EURUSD will follow our base case
scenario and gradually move higher from here. However, expect strong resistance to kick in at 1.22, which should hold off the advance.
It’s worth mentioning that initial resistance lies close to current levels, at around 1.2075. Some analysts would regard this as the neckline of a successful head and shoulders pattern. However, we would like to note that this pattern, while closely resembling a head and shoulders, doesn’t meet the
classical definition of this pattern. Nonetheless, it could still work, and the projection of its “head” is some 280 down from the breakout point, which puts the target at the 1.18 zone. For this scenario to remain a possibility, the 1.2075 resistance mentioned above needs to hold.
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