Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, EURGBP, EURCAD, and VETUSD through July 18, 2020. Watch this video before trading these currency pairs!
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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, EURGBP, EURCAD, VETUSD (July 20 – 24, 2020)
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EURUSD bulls just capped off an impressive week.
I first mentioned this descending channel, which is also serving as a bull flag pattern on June 29th.
The July 6th close above resistance confirmed the breakout and exposed the 1.1350 resistance level.
GBPUSD is much less attractive than its euro counterpart.
If you saw last weekend’s video, you know that 1.2530 was (and still is) support.
Notice how sellers tried to take out 1.2530 several times last week, but buyers held their ground.
I wrote about EURGBP on July 16th.
That post focused mainly on what appears to be a false break below a long-standing trend line.
Notice how EURGBP closed below that trend line on July 7th.
EURCAD played out perfectly for us last week.
In the last weekly forex forecast, I mentioned how a break above wedge resistance would target 1.5530.
That’s exactly what happened last week.
I first discussed VeChain on June 26th when VETUSD was trading at 0.0088.
By July 8th, VET was trading above 0.02, representing a 150% gain in a little over a week.
I even wrote about the breakout from wedge resistance on July 1st when it was still trading under 0.01.
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#EURUSD #GBPUSD #EURGBP #EURCAD #VETUSD #Forex
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