Check out this week's Pairs in Focus - Forex Forecast
has had a bullish week but is probably worth noting that we gave back significant gains on Friday as a jobs number in America came out much hotter than anticipated. Because of this, we continue to drift around in the same consolidation area that we have been in, with an eye on the 1.2550 level as resistance that extends to the 1.2650 level as well. On the downside, we have the 1.2350 level as support, followed by the 50-EMA.
This would be especially true considering the following week features a Federal Reserve meeting.market initially fell during the trading week, only to turn around to show signs of life again. The weekly candlestick is a hammer, and it sits just below the crucial 200-Week EMA. Because of this, I would treat a breakout to the upside of the previous week as a very bullish sign, perhaps opening up the WTI market for a move to the $80 level, which consequently is where we have the 50-Week EMA.
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