EURUSD and GBPUSD Forecast November 21, 2017 EURUSD and GBPUSD Forecast November 21, 2017
The EURUSD pair initially tried to rally during the day on Monday, but broke down significantly, reaching towards the 1.1730 region as German politicians failed to put together a coalition government. The 1.17 level underneath was the neckline on the head and shoulders pattern that I had pointed out previously, and I think it could offer support again. However, if we break down below the 1.1650 level, then I think the market could continue to drop, completely negating all previous technical analysis, and perhaps looking towards the 1.15 level next. Alternately, if we do get a bounce from the 1.17 level, I feel it’s only a matter of time before we reach towards the 1.20 level again, and then eventually the top of that resistance barrier at the 1.21 handle.