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This Week's Currency Market Price Action Forecast: July 21 to July 25, 2014

NEW YORK (TheStreet) -- EUR/USD: Looking for Euro/Dollar Sell Signal From Resistance

The EUR/USD currency pair moved lower last week, hitting key support near 1.3500 at week's end. The price broke below that support level briefly on Friday before finishing the week back above it.

We could see a retrace higher early this week, and if that happens we will watch for price action sell signals from resistance up near 1.3575 - 1.3590 to rejoin the recent bearish momentum.

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Current view: We are waiting for a sell signal from resistance near 1.3580 following a retrace higher.


GBP/USD: Sterling/Dollar Rotates Lower; Long-Term Upward Trend Is Intact

The GBP/USD currency pair lost ground last week for the second straight week. Prices are retracing lower within the broader uptrend. We are keeping an eye on key support and an event area down near 1.6920. If the price moves down into this level, we will watch closely for a price-action buy signal or blind entry to rejoin the longer-term uptrend.

Current view: The long-term uptrend is still intact. Prices are rotating lower, and we are watching for a buy signal from support.


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