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Weekly Outlook for Week of Feb. 27 – March 2, 2017

Here is the market outlook for this week:

Dominant bias: Bearish
This pair headed south last week and tested the support line at 1.0500 before bouncing on Thursday and Friday. The bounce should provide good selling opportunities because price is expected to fall to the support line at 1.0500 again this week – possibly further. The outlook on EURUSD (and other EUR pairs) is strongly bearish for this week and the month of March.

Dominant bias: Bullish
There is a weak bullish signal because price has only moved up about 200 pips this month. There was a brief push above the resistance level at 1.0100 last week before the correction that started on Thursday, but there is still a tendency for price to continue upwards if EURUSD continues south.

Dominant bias: Neutral
The bias remains neutral after at least three weeks of oscillating between the accumulation territory at 1.2350 and the distribution territory at 1.2600. There is a need for price to stay above that distribution territory or below that accumulation territory before the bias will change. GBP pairs could become considerably bearish during March, though some attempts to rally are likely at the end of the month.

Dominant bias: Neutral
The bias is neutral in the medium term and bearish in the short term. Consolidation early last week changed to decline on Thursday and Friday and resulted in a short-term Bearish Confirmation Pattern which may see price reach the demand levels at 111.50 and 111.000, but this does not exclude a rally since serious bullish effort is expected on most JPY pairs in March.

Dominant bias: Bearish
There is a strong bearish signal on this cross, which has already fallen 350 pips this month, and the drop of 150 pips last week saw the market close below the supply zone at 118.50 so the demand zones at 118.00 and 117.50 could be tested this week if serious weakness in the Yen does not cause price to jump – a possibility during March.