Weekly Review and Outlook: Euro Broadly Lower on Greece Drama, Look For Resolution in EU Summit

Euro was sold off sharply last week on the drama of Greece bailout. Just as markets thought there’s already an agreement reached between Eurozone countries on the way to provide financial aid to Greece, Germany came out and said that it’s illegal to support such a plan and called for…
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EUR/USD Weekly Outlook

EUR/USD’s consolidation from 1.3443 has likely completed at 1.3817 after failing mentioned 1.3852 resistance. Initial bias is on the downside this week for a test on 1.3435 low first. Break will confirm that whole decline from 1.5143 has resumed and should target 61.8% projection of 1.4578 to 1.3443 from 1.3817…
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USD/JPY Weekly Outlook

USD/JPY was bounded in choppy sideway trading below 91.08 last week and there is no indication that such consolidation is finished. Initial bias remains neutral this week. Nevertheless, note that rise from 0.8813 is still in favor to continue as long as 89.62 cluster support (50% retracement of 88.13 to…
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GBP/USD Weekly Outlook

GBP/USD’s recovery from 1.4783 extended further to 1.5381 last week but was limited below mentioned 38.2% retracement of 1.6456 to 1.4783 at 1.5422 as expected. Subsequent sharp fall argues that such recovery is completed. Initial bias is cautiously on the downside for 1.4880 support this week. Break will indicate that…
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USD/CHF Weekly Outlook

USD/CHF’s choppy fall from 1.0897 extended further to as low as 1.0506 last week before recovering mildly. While such fall was deeper than expected, there is no change in the view that it’s a correction in the larger rally. Hence, in case of another decline, downside is still expected to…
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AUD/USD Weekly Outlook

AUD/USD edged higher to 0.9250 last week but lost momentum after hitting falling trend line resistance. Initial bias is turned neutral this week and some consolidations might be seen. Nevertheless, rise from 0.8577 is still in favor to continue as long as near term rising trend line (now at 0.9057)…
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USD/CAD Weekly Outlook

USD/CAD dropped to as low as 1.0062 last week but lost momentum ahead of mentioned target of 161.8% projection of 1.0779 to 1.0369 from 1.0679 at 1.0016. Considering bullish convergence condition in 4 hours MACD, a short term bottom might be seen in place and some consolidations would possibly be…
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EUR/GBP Weekly Outlook

EUR/GBP failed below 0.9137 again and dropped sharply to as low as 0.8914 last week. The cross drew support from 55 days EMA and rebounded strongly. Such development mixed up the outlook. Also, considering that EUR/GBP is close to medium term falling trend line (now at 0.9202), we’ll stay neutral…
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EUR/CHF Weekly Outlook

EUR/CHF’s fall accelerated last week and reached as low as 1.4318, just inch above 1.4315 key support. Initial bias will remain on the downside this week and sustained trading below 1.4315 will target 1.4 psychological level next. On the upside, above 1.4406 minor resistance will turn intraday bias neutral and…
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EUR/JPY Weekly Outlook

EUR/JPY failed mentioned 125.22 cluster resistance (38.2% retracement of 134.36 to 119.64 at 125.26) last week and subsequent sharp fall suggests that choppy recovery from 119.64 has completed at 125.19 already. Initial bias will remain on the downside this week and further fall should be seen to retest 119.64 low…
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