EURUSD GBPUSD USDJPY 🆓 Weekly Analysis [July 26

EURUSD GBPUSD USDJPY 🆓 Weekly Analysis [July 26 - August 02, 2021]

Published: Mon, 07/26/21

EUR/USD, GBP/USD, USD/JPY

Weekly Forex Analysis

(July 26 - August 02, 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.

The Full Weekly Analysis Is Here

EURUSD Technical Analysis

EURUSD continues to sit on the head and shoulders neckline, extensively testing the support here at the 1.1750 area. The main question on every trader’s mind is, will the neckline break or will the support hold in the end?

As we said in previous weeks, a downside breakout of the 1.1750 support can have significant bearish implications. Under this scenario, the head and shoulders pattern will be effectively triggered with a potential target of around 650 pips down (as projected from the height of the head of the H&S pattern).

If the neckline support at 1.1750 holds, on the other hand, then EURUSD can rally back toward 1.20 for another test of this important technical zone (see the cluster of moving averages here on the chart below).

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Full Weekly Forex Outlook

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Philip
Senior Forex Manager
FX Trading Revolution
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