In today’s forex forecast, we look at the technical setup for EUR/USD, GBP/USD, USD/JPY and EUR/GBP, with Steven Woodcock, Senior FX Analyst at Plutus FX.
https://www.youtube.com/watch?v=v3ZjN_AcO5I
EUR/USD: 1.1750 of Fed fails to act
Woodcock believes that the ECB led bounce in the EUR has nothing to do with the long-term outlook for the pair.
Woodcock doesn’t expect the Fed to hike rates in December, and sees potential for 1.1750 in the cross if Yellen fails to act in the December meeting.
He further expects the market ahead to be volatile and the EUR/USD short-squeeze to end.
EUR/GBP: Woodcock says that the cross stands supported at 0.71 and is likely heading higher towards 0.76 levels.
USD/JPY: On the technical outlook for USD/JPY, Woodcock notes that the pair wants to move higher but the global macro scenario speaks otherwise. He sees short-term potential for a move lower towards 118.50
GBP/USD: heading lower
Woodcock maintains a bearish target for the pound towards 1.45.
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