Hello people! What a great week we had!! I’m here to present week 18 outlook for ForexGump. This week Euro pairs will be in focus. Seems like correction is due for euro, might have some major event coming up!

EURGBP



Bearish divergence spotted!


Divergences are one of the few methods to spot early trend reversal. As for this case, price must break below the sloping support (trendline) for any movement.

EURJPY



Bearish divergence in OsMA

Similar to EURGBP, EURJPY also shown us the same thing. Grizzly divergence in OsMA! Oops got too excited about Memphis win over Spurs! Okay back to topic. Same thing here, price must close below the sloping support.

EURCHF



Double top??

Theoretically, double top (or any reversal patterns) should be found at the top or bottom of the trend. In some case, double top can show us some potential short term path to the Pips kingdom. EURCHF has a double top with bearish divergence (confirm only when price close below support).

Most Euro pair showing bearish divergence. Coincident, accident or evident? In any case lets hope that we will have another good week at ForexGump!