Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, GBPCAD, and CADJPY through February 21, 2020. Watch this video before trading these Forex currency pairs!
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Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, GBPCAD, CADJPY (February 17 – 21, 2020)
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The EURUSD continued its descent last week after breaking below ascending channel support on January 23rd.
So far, the euro has hit our targets at 1.0990 as well as 1.0900.
You can also see where the 1.0825 support level came into play on Friday.
The GBPUSD was a frustrating pair for many last week, including me.
Although I managed to get out of my position with a minimal loss, the short idea failed to play out as anticipated.
But that’s how trading goes sometimes.
The USDJPY isn’t doing much these days.
However, I wanted to provide a follow-up on the pair as many of you have been asking about it.
In my opinion, until USDJPY breaks free from the ascending channel below, the pair will lack follow-through from either side.
I’m still monitoring GBPCAD following my February 7th commentary.
The rising broadening wedge you see below hints at exhaustion from buyers.
But if you read my February 7th post on GBPCAD, you know that a close below wedge support is needed to confirm the idea.
I wrote about this CADJPY inverse head and shoulders on February 12th.
I also mentioned it in the member’s area the night before when the pair was trading near the neckline at 82.70.
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#EURUSD #GBPUSD #USDJPY #GBPCAD #CADJPY #Forex
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