Weekly Currency Market Price Action Forecast for Aug. 18-22

NEW YORK ( TheStreet) -- EURUSD -- Euro/dollar consolidates just above support, looking for sell signal

Last week, the EURUSD consolidated just above 1.3330 support and ended the week basically unchanged.

The trend is still down overall, but the market has showed some failure to follow through to the downside recently. Thus, if price retraces higher this week, we will watch for a price action selling opportunity from resistance near 1.3500.

10 Stocks Carl Icahn Loves in 2014

Current view: Waiting for price action sell signal near 1.3500 or slightly below to rejoin downtrend.


GBPUSD -- Sterling/dollar hits support, looking for sell signal to rejoin downtrend

The GBPUSD lost significant ground last week, and its price ended the week down near 1.6650 key support level. We could see the price bounce higher this week, but given the weakness seen in this market recently, we prefer to look for selling opportunities.

Current view: Waiting for a price action sell signal from resistance, following a retrace higher


Why Home Depot Remains the Retail Sector’s Best Bargain Stock

If you liked this article you might like

Forecast for S&P 500, Dow Industrials Remains Bullish, These Charts Show

Gold, Crude Oil Prices Should Rise, These Charts Show

Pin Bar Signal in Sterling/Dollar Pair May Lead to Higher Prices

Gold Prices Are Set to Burst Toward $1,300 Very Shortly

Watch These Key Levels for U.S. Stock Indices