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Weekly Forex Forecast (February 8 – 12, 2016)
EURUSD finally managed to break free last week from the consolidation that had persisted since early December 2015. I mentioned Wednesday’s break of confluent resistance, noting that the bullish break exposed the next level of resistance at 1.1210. Sure enough, the pair found enough sellers at this level last Thursday to reverse prices heading into the weekend. However, Friday’s pullback looks fairly constructive, especially with prices holding above the 1.1058 handle. From here, a close above 1.1210 would expose former channel support that extends off of the 2015 low, while a move back below 1.1058 would expose ... (full story)