Weekend Review Vol 2

Once upon a calm weekend, we decided to scan the Forex charts in order to forecast what currency pair price might do next week. The very forecast focus on the use of some indicators. However, as readers, we recommend that you check the following forecast in line with your strategy. We found the following pairs very interesting with possibilities that may be of benefit to you.

EURUSD:

4 HOUR TIME FRAME:

EURUSD price closed for the week at 1.16461 This pair price is currently at a verified support on the 4 hour time frame. We expect that price will range a bit before a retracing to the upside. Technically, a Bullish Cypher is formed on the 4 hour time frame. 1.18545 area is currently lined with a cluster of resistance. 1.1690 resistance level will serve as the first barrier to any potential Bullish run for now.

WEEKLY TIME FRAME:

Still on EURUSD, the weekly time frame still indicates that the Bullish run is weakening. Analytically, EURUSD’s weekly price is currently forming a double top due to price rejection at the 1.1900 area.  

Summary on EURUSD:

A breakout of the 1.1613 weekly support will open way for price to fall to 1.1490 area.  

EURGBP:

4 HOUR TIME FRAME:

EURGBP price closed for the week at 0.8990 The pair price is currently sliding down towards the verified support at 0.8883 area on the 4 hour time frame. EURGBP’s verified resistance levels are lined up starting from 0.9050 area up till 0.9140 area.    

WEEKLY TIME FRAME:

Still on EURGBP, the weekly time frame shows that the pair is set for a long drop. Analytically, EURGBP’s weekly price is currently at the tipping point after the formation of a double top.  

Summary on EURGBP:

A breakout of the ascending trendline on the weekly chart is possible anytime soon. A fall in price towards the 0.8400 area may happen in the long term.  

NAS 100:

4 HOUR TIME FRAME:

NAS 100 price closed for the week at 11067. Price is expected to slide to the verified support at 10720 area.   Referral Links; (Broker: Alpari …   https://alpari.com/en/?partner_id=1244646) (Email: beanfxtrader@gmail.com)