As can be seen from the EURUSD D1 chart, since mid-September 2017, each subsequent weekly candle (shown in yellow) is lower than the previous one (almost every one).
In addition, the columns of the MACD diagram are located in the negative side. We do not observe signs of divergence-convergence. Hence, we conclude that the beginning of the week since November 13, 2017 will bring a price reduction for EURUSD. That is, the downward trend will continue as before.
EUR/USD continues consolidating around 1.1660 -
1.1680 although both the doji and the hammer candlesticks on the weekly
time-frame at the support at 1.1580 are signals for a likely move to the
If EURUSD manages to form a pattern of double bottom around the range of 1.1700 and 1.1600 in the daily timeframe then a possible trend reversal upside will happen.
EUR/USD finally broke out above the resistance at
1.1680 and it is still very bullish. A breakout above 1.1800 as well
could lead to a further move to the upside towards 1.1870.
EUR/USD bounced off from 1.1860. Now the question
is whether this is the end of the move to the upside or the pair will
break out above that level. A breakout could lead to a new rally to
1.1900 or even to 1.2000.
EUR/USD bounced off from 1.1860 and considering
the shooting star candlestick on the daily time-frame at that level it
could retrace back to the support at 1.1670, but only a breakout below
that level would mean that the overall move to the upside is over.
The GBPUSD keeps testing the 1.3200 level and the lows of the daily candles are getting higher, showing us that the bullish pressure is buiding up around that level. A breakout of the 1.3200 level could take the pair to the 1.3300 zone.
GBP/USD is still consolidating sideways, but the
pair may test the resistance at 1.3300 again next week. The question is
whether there will finally be a breakout above that level.
As long as Eur/Usd stay above 1.170, the pair remains bullish in the long-term. Immediate support can be found at 1.1720 level.
Gbp/Usd continue ranging between 1.302 and 1.325 with limited upward strength. The market continue to focus on Brexit.