Weekly Technical Forecast: A Retreat in Global Equities and EURUSD Has Held Up to Trend, What Is Next?
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Sterling slipped by over 2 cents against the US dollar over the week, breaking back through support to trade at a two-week low.
The Dollar staunched its bleeding this past week, but the rebound put the EURUSD back 1.1450 didn’t seem to carry the intent of a true breakout and follow through. It is crucial measure conviction as much as identify key levels.
It was a week of relief for equity bulls, as global stocks dug into support after last week's rather pronounced sell-off. But now that support is in, will bulls follow-through?
The Japanese Yen’s bull run slowed last week, and despite losing ground against three currencies, the Yen remains the best performing major currency in October.
The Euro still seems biased lower against the US Dollar but technical positioning has turned muddy, with the weekly chart warning of a possible reversal ahead.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.