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06/06/2021

Weekly Forex Forecast

on June 06, 2021

Start the week of June 6, 2021 with our Forex forecast focusing on major currency pairs.

GBP/JPY

The British pound pulled back over the majority of the week against the Japanese yen, to end the week just above the ¥155 level. That being said, the area should be rather important, as the area has a certain amount of psychology attached to it, and it is also an area where we had seen resistance previously. With that in mind, I do think that we may see a little bit of softness initially, followed by the market turning back around to continue the overall rally. At this point, I find that this is a market that simply cannot be sold.

EUR/USD

The euro has gone back and forth during the week but has essentially settled on a neutral candlestick. Because of this, the market is showing a bit of hesitation for the third week in a row, and I think at this point there might be a real threat of the pair falling. I do not necessarily think that we are going to fall apart, but a pullback certainly looks like it could be very possible. Otherwise, we will simply bounce around in the same tight range that we have been in for the last month or so, as we head into very slow summertime trading and continue to see people question whether or not there really is going to be tapering out of the Federal Reserve.

EUR/USD

GBP/USD

The British pound fluctuated against the US dollar throughout last week as we continue to struggle at the 1.42 level. This is an area that has been very difficult to get above, and I do not see a major change in attitudes over the next week or so. Therefore, I think what we will probably see is a scenario in which the market simply grinds back and forth, trying to build up enough momentum to finally break out a move towards the 1.45 handle. Otherwise, we may get a dip all the way down to the 1.40 level before buyers come back in.

GBP/USD

USD/JPY

The US dollar initially tried to rally during the week only to tu

04/06/2021

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03/06/2021

Technical Analysis

EUR/USD Forecast: Euro Fights Back After Selling Off

on June 03, 2021

This is a market that will continue to grind to the upside.

The euro initially had broken down during the trading session on Wednesday to reach down towards the 1.2150 level, only to turn around and form a hammer at the end of the day. That being said, there is a lot of noise just above, especially near the 1.2250 level, where we have seen a bit of a sell-off as of late. Nonetheless, I do think that it is only a matter of time before we continue the uptrend.

In the short term, I look at the 1.21 handle as support as well as the 50-day EMA as “dynamic support.” The market is squeezing up against this major barrier and it will probably only be a matter of time before we make that move to the upside. If and when we get that, the target for me is going to be the 1.23 handle, an area that has been resistance in the past. Breaking above there then opens up the possibility of a move to the 1.25 handle, but it should be noted that this pair typically does not move that quickly, so the market reaching the 1.25 level is probably a story for late summer at this rate.

If we were to break down below the 50-day EMA, then it is possible that we could go looking towards 1.20 handle, but I do not think we will get there anytime soon. The 1.20 level is a major support level on longer-term charts, and is a large, round, psychologically significant figure that people will continue to pay close attention to. With that in mind, if we were to break down below that level after some type of sell-off, then I think the uptrend would be done and we would more than likely sell off quite drastically.

This is a market that will continue to grind to the upside. The key word here is “grind” because that is what this pair does. It does not move cleanly; it is far too heavily traded for that to happen without some type of major catalyst. We do get the jobs number on Friday, but I do not know that it wi