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Trading Support and Resistance –EUR/USD, GBP/USD

For the month of April, I forecasted that the EUR/USD and GBP/USD currency pairs would rise in value.



This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching. The first part of my forecast is based upon my research of the past 20 years of Forex prices, which show that the following methodologies have all produced profitable results:

Let us look at the relevant data of currency price changes and interest rates to date, which we compiled using a trade-weighted index of the major global currencies:

Currency Price Changes and Interest Rates

For the month of April, I forecasted that the EUR/USD and GBP/USD currency pairs would rise in value.

The performance of my forecast so far this month is as follows:

April 2023 Monthly Forecast Performance to Date

Last week, I made no weekly forecast, as there were no unusually strong counter-trend price movements in the Forex market the previous week. The situation remains the same, so I again give no weekly forecast this week.

Directional volatility in the Forex market is likely to increase significantly over the coming week, as there are several very high-impact data releases scheduled, including US inflation data and the FOMC meeting minutes.

Last week was dominated by relative strength in the Swiss Franc, and relative weakness in the Australian Dollar.

You can trade my forecasts in a real or demo Forex brokerage account.

I teach that trades should be entered and exited at or very close to key support and resistance levels. There are certain key support and resistance levels that can be monitored on the more popular currency pairs this week.

Key Support and Resistance Levels

Ready to trade our Forex weekly forecast? Here’s a list of some of the best Forex trading platforms to check out.

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