After ECB, EURUSD continues its decline. Friday I have published a technical analysis.

EURUSD Forecast And Technical Analysis 12-15.2017

As mentioned in the article, the pair is forming the SHS ( Head and Shoulders) pattern.

Price reversed from 1.18200 and ended the week 1.17500.

1.17200 is the key level in this formation. Breakout of this support may carry the price 1.16500.




6 thoughts on “EURUSD Forecast and Technical Analysis 12-18-2017”

  1. Ryan Gandalf van Jaarsveld says:

    What are your thoughts on EUR longs being the highest since May 2007 as per last week’s COT? Also, what are your thoughts on ECB cutting APP in half in January – buying less bonds means the ECB is doing less to weaken the currency, less money in the market so therefore stronger currency and also possibly market starting to price in the eventual removal of QE – which could happen next September if inflation data is in order. Not saying this doesn’t head lower – a trade plan is a trade plan and all are valid until they are not. Just keen to hear your thoughts on the fundamentals backing a stronger Euro – maybe I have missed something. I am a Bull so want to make sure I am not suffering from confirmation bias… Thanks

  2. Ryan Gandalf van Jaarsveld says:

    Mike after looking at the other Euro charts I don’t think you are wrong on this analysis – EURJPY, EURAUD and EURNZD are all telling me further Euro weakness this week. It is also plausible for EURUSD to head down to MM1/ MS2. I do want to buy and I think there are lots of Bulls that are getting ready though maybe I am too early… The nice thing is there is only one price where Bulls are going to buy EURUSD – if this fails to hold then I know to step back and wait to get in lower down… What are your thoughts?

    1. Maryna says:

      Ryan, going to be interesting to see if the Mike Torro “Signal service” will reply to you!!

      1. Ryan Gandalf van Jaarsveld says:

        What are your thoughts on the matter Maryna? The lack of direction on Dxy means Dollar could go either way – looking at other Euro pairs (EURAUD, EURNZD and EURJPY) it is clear that we are in for more Euro weakness in the coming week… I am a Euro Bull and I want to buy though I am not 100% certain that WM2/ MM2 is the right price – I think MM1/ MS2 is going to be the right price… To be honest – I would prefer to sell EURAUD and EURNZD anyway – clear trends and will continue until they reverse – clear targets at MM1 too… What are your thoughts?

        1. Maryna says:

          Ryan, I sold EURNZD at 1.72 and took profits at 1.6840. I’m actually looking to sell it again to 1.6620 and it’s now consolidating on the H4, so I will wait for the breakout of the consolidation. Lack of liquidity in the market is making me super-cautious at the moment. EURJPY – I’m not touching this pair until it breaks the 3 month consolidation, even if it takes another 3 months!. A break of that 300p consolidation should be worth the wait as it will result in an aggressive move with lots of pips to be made, much like the USDMXN trade I posted a while back. These consolidations really test my patience, but they are amazing trades when they break and the longer the consolidation, the more amazing the breakouts are.

          1. Ryan Gandalf van Jaarsveld says:

            100% Thanks M, noted!!! Great chatting with you earlier too!! Have a great trading week!! Chat again soon!!

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