Weekly Currency Market Price Action Forecast for Sept. 8-12

NEW YORK (TheStreet) EURUSD -- Euro/dollar sells off

The EURUSD lost dramatic ground Thursday but stabilized into the week's close on Friday. However, the trend clearly remains bearish and so any push higher this week will be watched closely for potential sell signals to rejoin the downtrend from resistance. The next key support levels are seen down near 1.2740 and then 1.2045, if this bearish trend continues we could easily see these levels tested in the coming weeks.

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GBPUSD -- Sterling/dollar falls down into key support level

The GBPUSD sold-off last week and lost significant ground in the process. Price hit a key long-term support level at 1.6275 on Friday, showing some rejection of that level into the week's close. The overall daily chart trend is still down at this point, but we could see some retrace to the upside before the downtrend resumes. This week, traders can watch for price action sell signals from resistance to rejoin the downtrend.

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