Technical Analyst & Trader @ Vikinsa
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Weekly Forex Forecast for May 18 – 22, 2020
Another week, another round of consolidation for EURUSD. The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows. As I’ve said for weeks, sellers need to clear that 1.0750 region on a monthly closing basis to confirm the breakdown in the multi-decade uptrend. Of course, a daily close below wedge support shown below would also be bearish in the short-term. Key resistance for the week ahead comes in at 1.0900. image GBPUSD Forecast GBPUSD worked out beautifully for us last week. Following the May 11th close below wedge support at ... (full story)