Recommendations:

  • Medium risk: Sell the EURUSD at 1.3290, SL 1.3360, targets 1.3200, 1.3100, 1.2800.

  • High risk: Buy the EURUSD at 1.2900, SL 1.2730, targets 1.30, 1.34, 1.40.

  • Low risk: Buy the EURUSD at 1.2750, SL 1.2690, targets 1.2850, 1.30, 1.34, 40.

  • Medium risk: buy the AUDUSD at 0.8590, SL 0.8540, targets 0.8650, 0.87, 0.8750.


Analysis:

The EURUSD has ended the week forming a bearish engulfing pattern (not perfect), which occurred after several weekly dojis, at the top of a trading range. This is very bearish in our view, and we recommend entering short against the euro. A retrace closer to 1.33 could be a nice opportunity if it does occur. We expect the EURUSD to at least go visit its 100-DMA around 1.313x together with the 200-DMA. If the EURUSD were to collapse next week to the lower edge of the trading range, then we would also recommend to enter long for at least some quick gains.

The AUDUSD is resuming its decline, and will become interesting to buy this week if it falls below 0.8650 for some quick pips.

The USDJPY remains trapped in its funnel and we would avoid trading this pair next week. The GBPUSD remains difficult to read with some further sideway action likely.

EURUSD

EURUSD Weekly Chart

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