Forex Analysis Video with Future Predictions EURUSD and EURGBP Week March 5th
Today we will be looking at the EURUSD and EURGBP forex exchange markets. The European Union has been plagued with an immigration problem, which is one of the reason that that England left. So far the Union is having a really hard time keeping up and it reflected in the markets as well.
On EURUSD this week, the Euro has been in a downtrend for the past year. Price pulled back to the daily supply zone around 1.08 and we have seen continuation of the downtrend. As this immigration situation and financial issues plague the Union I would expect to see price fall down to $1 even and possible below with the US dollar. However for this week. We are looking for price to retest the bottom and yearly lows.
On EURGBP, we are watching price at a very interesting area on the big weekly chart. The reason that this area is so interesting is because it could be a major trend change. Price seem to be suggesting that we are in a new Down Trend and has confirmed it on every timeframe smaller than a weekly chart. As we look at the Daily TimeFrame, I would expect to see price rise to the daily supply zone around .8626-.8707 this week and look to take it back down December’s lows at .8300. In my mind, the Trend change has already happened to the downside and price and the institutional traders are potentially giving us a good place to sell if price really does respect supply this coming week. Bottom line: The uptrend is over and looking for a good place to be a seller.
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