Weekly Forex Forecast (October 9 – 13, 2017)

OANDA:EURUSD   Fx Euro/Dolar U.S.
The EURUSD lost ground for the second week in a row. This was the likely scenario given the September 25th close below long-term channel support near 1.1900.

Another probability that we discussed last week was that the 1.1670 area would attract bids if tested. It’s the August low and a level that served as a pivot between the 21st and 28th of July.

Friday’s low of 1.1669 followed by a 60 pip bounce is no coincidence. The 1.1670 handle did indeed attract buyers ahead of the weekend.

But despite Friday’s rebound, I don’t see this as a buying opportunity. While the single currency may claw back some of its recent losses, last month’s break of the six-month ascending channel was a significant development in my opinion.

The situation is similar to what happened with the AUDUSD at 0.7820. I cautioned some to think twice about buying the October 3rd bullish pin bar due to the recent shift in momentum. We could see a similar outcome here.

But we’ll talk more about the Australian dollar in a moment. As for the EURUSD , I closed my short position on Friday just above the 1.1670 support level . My initial entry was a few pips above 1.2040 just before the completion of the September 8th bearish pin bar .

I’ll be interested in shorting the pair again should buyers take prices back to the 1.1840/75 area. Otherwise, a daily close below 1.1670 would pave the way for a trip toward 1.1490.

Source: http://bit.ly/2y4oHlA
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