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EUR/USD forecast for the week of February 20, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Feb 18, 2017, 04:46 UTC

The EUR/USD pair initially fell during the week but found enough support near the 1.05 level to turn things around to form a hammer. The hammer of course

EUR/USD weekly chart, February 20, 2017

The EUR/USD pair initially fell during the week but found enough support near the 1.05 level to turn things around to form a hammer. The hammer of course is a bullish sign and I think that we will probably break a little higher from here. If we can clear the top of the weekly candle from the previous week, the market could go to the 1.10 level. Alternately, we breakdown below the bottom of the hammer from the week, I think that the market could go all the way down to the 1.03 level. This could be an interesting week.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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