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Weekly Forex Forecast (January 23 – 27, 2017)
The EURUSD continued to chop higher last week, gaining 100 pips from the gap down on Monday. While I do still think the 1.0650 handle is significant, another level that has caught my attention is last week’s high at 1.0715. This area was the January 2016 low and later served as a pivot in November and December of the same year. The way the pair has chopped higher since December doesn’t offer much confidence if you’re a bull. For this reason, alone, I’m still under the impression that this is nothing more than a relief rally amidst a broader bearish trend. A daily close above 1.0715 would expose the next key ... (full story)