Forex Market Technical Outlook for $EURUSD and $EURGBP weekly forecast for the week of Dec. 11th.

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On EURAUD, this market has pulled back from the highs at 1.5712.  The cool and crazy thing is that price pulled back to the daily demand zone 1.5514 down to 1.5459.  So price now can push back up into the highs and continue on with trend.  So for this week I think that price will slowly push the high.  The reason that I say slowly is because I would like to see price reform the supply zone into a new demand zone as it does this.  That will take time for it to happen and I could see this taking for the rest of the year for it to really play out.  From a technical aspect, I believe this market is in an uptrend still.  Please check out our analysis here https://youtu.be/Y2ybTFazAeI

 

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On EURJPY, this market has been in a range on the daily time frame.  It has bounced off supply at 133.95 up to 134.50 and now looks like it wants to test the bottom of the range at 132 down to 130.60 demand zone.  Right now price is right in the middle of the range.  Now the placement of this range is interesting in the fact that it is at the highs of this market.  Overall, this market is rangy and this could be the start of something new.  However,  it’s a little too early to do that just yet.  We really need to see a breakout of this range before we can say this market is in anything but a range.  To see exactly, what I’m talking about, check out our weekly video here: https://youtu.be/Y2ybTFazAeI.  Please don’t forget to like and subscribe to our channel.

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