The EURUSD didn't come out quite well with what we had expected in our weekly forecast as it surged much higher and broke above a 2-month falling channel for the first time.
The price, however, retraced a lot stronger than expected which we believed have stopped out many buyers along the way.
And since the price did not rebound before the week ended, there's likely to be very little buy orders left and that gave us a good reason that the institution may come in very soon to buy again.
Therefore in this week, we expect the price to hover around the demand zone first and eventually climb higher but gradually.
The price, however, retraced a lot stronger than expected which we believed have stopped out many buyers along the way.
And since the price did not rebound before the week ended, there's likely to be very little buy orders left and that gave us a good reason that the institution may come in very soon to buy again.
Therefore in this week, we expect the price to hover around the demand zone first and eventually climb higher but gradually.
