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Weekly Outlook for Week of November 21-25, 2016

Here’s the market outlook for this week:

EURUSD
Dominant bias: Bearish
Decline continued last week – proceeding below the resistance lines at 1.0650 and 1.0600 and, having exceeded 700 pips since November 9th, has led to a very strong bearish bias. The possibility of further decline is high – possibly reaching the support lines at 1.0550, 1.0500 and 1.0450 if USD suffers no noticeable weakness.

USDCHF
Dominant bias: Bullish
Last week saw an up move of 215 pips that broke through the psychological level at 1.0000 and the resistance level at 1.0100, so the uptrend could continue. A potential target is the resistance level at 1.0200 but, the higher that price goes, the greater the chance of a large pullback. The bullish bias will hold until USD loses strength.

GBPUSD
Dominant bias: Bearish
A vivid bearish correction occurred last week which resulted in short-term and long-term bearish signals. Long term bullish trades are therefore impractical until price action turns noticeably bullish because the market is currently in a downtrend. Short trades should therefore be sought and rallies taken as opportunities to go short at better prices.

USDJPY
Dominant bias: Bullish
Since the low of November 9th, price has shot up over 960 pips and a strong Bullish Confirmation Pattern now exists. This has been one of the strongest directional moves in recent months, so the supply levels at 111.00, 111.50 and 112.00 could be reached in the next few days.

EURJPY
Dominant bias: Bullish
Despite a pullback on November 16th, last week saw clear bullish activity fueled by buying pressure and Yen weakness. In fact, the Yen is so weak that even weak currencies like the Euro and British Pound have managed to rally against it. Unless the Yen becomes conspicuously stronger, this uptrend will continue and the supply zones at 118.00 and 118.50 are likely targets over the next few days.

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