FOREX FORECAST FOR THE EURUSD (NEXT WEEK)

EUR/USD forecast

The EUR/USD bounced up slightly off of its support level at 1.2500 today, but don't get fooled by this head fake from the world's most widely traded currency pair. It isn't going to last. The EUR/USD is probably heading back down.    Thus, after having broken down below a key uptrend support line early in the week, EUR/USD price action has performed a classic pullback to the line. Like most pullbacks of this nature, price has stopped and turned back down right at the point of breakout, treating the broken support line as new resistance. This uptrend line should now continue to act as resistance, at least for the near-term. The potential trading trigger to watch for is any strong breakdown below the 1.2500 region, which represents the approximate level of the last low before pullback. A break below this level should confirm a downtrend continuation after the pullback retracement, potentially targeting further support in the 1.2330 price region, the level of the long-term low hit in late October.                                                                                                                                                                                                                                                     *IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.