EURUSD and EURGBP weekly forecast Video for the week of Dec. 4th.
This week we will be concentrating on two Euro Crosses, the EURUSD and EURGBP.
We see price climbing back up into the highs. Be mindful of the supply zone at 1.2014 up to 1.2092 as it is at the highs. Price has bounce on that zone once already so I could see price easily breaking that zone and moving higher. For this week I could see price continuing up to 1.2014 but first it has to break the new high at 1.1961. This will be the challenge this week. Price could bounce of the supply zone at 1.1961 down to 1.1897 for the next week and the Euro dollar does usually take it’s sweet time doing moves. From a technical aspect, I believe this market is in an uptrend still.
this market has been in a range on the daily time frame. It has bounced off supply at .8981 up to .9046 and now looks like it wants to test the bottom of the range at .8750 down to .8649 demand zone. We do have a demand zone right here at .8811 down to .8791 but I believe it won’t be a big deal as price has already bounce off this zone once therefore the zone is weak. Overall, this market is rangy and if you are not in the short, the demand zone trade back up could be good. However, it’s a little too early to do that just yet. We really need to see a breakout of this range before we can say this market is in anything but a range.
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