The EURUSD looks ready to go lower since it can't seem to hang onto gains. Here's how you should trade this Forex pair.
The euro is all over the place during the course of the week, as we continue to see a lot of volatility.However, that does not necessarily mean that we are going to break down drastically.
I think this is more or less going to be a market in which you fade short-term rallies, but take profits somewhat quickly. We have the Federal Reserve meeting during the week so that has a huge influence on what happens next.The British pound initially fell against the Japanese yen during the course of the trading week. However, we rallied quite a bit to reach above the ¥152.50 level, and a closed near the ¥153 level. This is a market that will probably go looking towards ¥155 level, as long as we have more of a “risk-on” attitude out there.
You can see that this is a chart that has been very noisy, and you can also see that we have formed an ascendingfor this market. If we can break above the high of the weekly candlestick, then I think this market will take off to the upside. On the other hand, if we break down below the bottom of the hammer from the previous week, then it is likely we will go looking towards the 1.24 level.The US dollar rallied rather significantly during the course of the week, breaking above the ¥116.
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