Trending
Forex
  • EURUSD
    1.05 -0.43%
  • GBPUSD
    1.22 -0.73%
  • AUDUSD
    0.67 -1.41%
  • USDJPY
    136.73 1.82%
  • NZDUSD
    0.63 -1.48%
  • USDCHF
    0.94 0.62%
  • USDCAD
    1.36 0.88%
  • EURJPY
    143.51 1.46%
  • EURGBP
    0.86 0.46%

Forex outlook: EUR/USD, CAD/JPY and GBP/JPY

The forex market was very volatile last week, creating many trading opportunities. Let's look at three currency pairs and see what they offer.

EUR/USD is bearish for now

The Eurodollar fell to 0.95 last week and caused a lot of uncertainty as it continues to fall further. Currently, this currency pair is in a big descending channel and the downtrend is obvious. Many traders are probably already eyeing it and if EUR/USD gets out from this channel, it could cause a massive surge.

Related article: EUR/JPY remains volatile, defends uptrend for now

For now, it’s worth mentioning that a sell position somewhere at the upper side of the channel would be a smart choice by going with the trend. Fed’s monetary policy is still hawkish, and it is strengthening the Dollar. However, if ECB starts to hike interest rates to catch up with Fed, it may cause a reverse trend on this currency pair, and Euro could start rising again.

As mentioned hereUSD gained more than 20% in one year, and it is considered an above-average move in the foreign exchange market. From the long-term perspective, EUR/USD could find its bottom in a few weeks, but it is recommended for traders to wait for several confirmations and stay bearish until that happens.

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I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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