*To view the original Forex Update 2020 analysis and post, please click here*
EUR Pairs – Weekly Charts
EUR pairs are mostly looking indecisive and lacking clear market direction. The moving averages are crossing frequently or at least moving sideways – confirming the current indecision. Price action has formed clear ranges / horizontal channels on most EUR pairs.
EURCAD – price recently reversed around 1.5600 (as suggested in our last 2020 chart analysis). Trading opportunities may exist around the support and resistance areas of the current range (1.4350-1.5650) and if EURCAD closes out of the range. A move higher could find resistance around 1.6075. A move lower could find support around 1.3850 and 1.3200.
EURCHF – price continues to downtrend and recently reversed around the bearish channel resistance area (as suggested in our last 2020 chart analysis). The moving averages have just crossed bearish, signalling that the downtrend could continue. Opportunities to go short may exist around the weekly moving averages, around the channel resistance area and around the horizontal levels at 1.1150 and 1.1450. A bearish move could be rejected or reverse around the channel support area and around the horizontal support levels at 1.0275 and 0.9800.
EURGBP – clear reversals around the support and resistance areas of the horizontal channel (as suggested in our last 2020 chart analysis). Trading opportunities could continue to exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade). A break lower may find support around 0.7575, 0.7425 and 0.6950.
EURJPY – trading opportunities may exist around the previous support and resistance areas of the bearish channel and around any of the identified horizontal levels at 111.25, 114.75, 137.00 and 139.50.
EURUSD – price is ranging between 1.0450 and 1.2450 and also could be forming a symmetrical triangle pattern. Trading opportunities could exist around the support and resistance areas of the range and pattern and if EURUSD moves out of the range (break-out trade).
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