Forex Weekly Forecast | EURUSD, GBPJPY, EURGBP | 29 January 2024 - By Vladimir Ribakov

Hello traders, how are you? Vladimir here from Home Trader Club and welcome to the weekly forex forecast. In today's video, I would like to share with you some very interesting opportunities that would be the euro dollar, pound yen, and the euro pound. They they build up and provide some very interesting technical conditions. So let's see what do we have. Before we start, big thumbs up and thanks to 8K Broker for supporting this community and this channel. To enjoy all the offers we have with them, including the private mentoring, access to trading systems, indicators, and to Home Trader Club, please refer to the link below this video in the description. So the first pair I want to start with is the EUR/USD, and one of the recent weekly forecasts we were talking about this little break in the below this range where we expected to see the price pushing it further down. The question is what is coming next? And the way I see the EUR/USD, there are 2 scenarios here. Scenario number one is that we are approaching to a very important trading zone. This zone is the bottom here, which is— oops, sorry— which is the demand area, which also import— this is a very important low as well on this bearish structure we've had. And besides that, we had a massive break, little range which is here, right? And this zone is a zone of interest. The closer we get to this area, the stronger the pressure would be on the pair to start providing the buy opportunity. So one of the scenarios is basically that we will see the euro-dollar making it like final push down and start to build up. Like supportive line here, bullish divergence which it already started to build, right? And slowly, slowly, slowly, slowly round up and provide the rally back to inside this massive volume profile-based balance zone. Absolutely classical idea which could be providing the first scenario. The second scenario is basically the opposite: sell the rallies in case they come first. Why? If we observe the weekly chart at the end of this rally that we experienced since 2022, the ending condition here was with moving average divergence, bearish divergence on the moving average with MACD. So usually what comes next is ABCD correction like this, or at least a range, which means something like that, before the market managed to find what's coming next. So, and we saw that according to the daily chart, there is still room to here and here, right? And of course, if it is going to be the weekly ABCD, that means this low should be retested. With that in mind, if the rallies come first, then we would want to see the euro-dollar making the following. Since it is already building the moving divergence, moving average divergence, We would want to see ABCD correction and breakout for continuation, or some sort of a range here holding this major volume profile area, and then break below the range taking us all the way to the desired levels. Let me know what do you think about the EUR/USD and what's coming next. 1.10, 1.13, or are we going back to 1.07, then 1.05? Share your views in the comment section below this video. The next one is going to be the pound yen, but before that, I would like to ask your support. If you find value in this video and you appreciate the trading opportunities, please hit the like button. If you are new to the channel, please consider to subscribe with the subscribe button below this video. Also, feel free to share this video with anyone who you believe can benefit watching that and enjoy the trading analysis and the trading opportunities. Few words in the comment section would be fantastic help, and I would like to thank you in advance for taking the time and supporting back and helping this video and this channel. Thank you. The next one is going to be the pound yen. So the way it looks right now, what we see on the monthly chart, we don't plan to trade it, right? But it looks like the market is trying to go for a full expansion of the two major waves until we will see some. Major divergence created here. This is a very, very reasonable scenario, and if that is correct, that means the pound yen still has a room to the upside. Quick observation on the weekly chart to try to figure out, okay, so what is really going on there? Let's remove the Fibonacci, and we can see that the pair is trending in a bullish structure. Higher highs, higher lows continuously created. Before that, I was looking personally for the break below this low and to start sell, but this this low was never broken, which brings the possibility that the pound yen is trying to make final push to the upside until this weekly major divergence and the monthly divergence which we saw before will line up complete, and then a major move down will start. So with that in mind, going to the daily chart and the four-hour chart to try to figure out. How the waves actually look like. And here is what happens on the daily chart. Since the failure of breaking below this important low, the pair regained the momentum, making the higher highs, higher lows. At the moment, there are no ending signs, not on the price, not on the indicator, which makes me think there is more room to the upside. And if we take a look on the 4-hour chart in terms of opportunities, So any pullback here as a ranging structure, right, as we have the waves, right, and the breakout should open the doors for continuation or any deeper ABCD correction, and then a breakout would or should lead up for further rally. Some key levels on the pair, of course, we have this supportive zone, and the next important Broken resistance becomes support, and same about this area. Broken resistance became a support and hold. Personally, I don't think that this zone here should be broken. I think it's pretty strong enough to hold in case the buyers are really ready to make the move and push it up. So buy the dips or range breakouts or ABCD breakout. Is my trading plan for pound yen. I do expect to see one final push until, as I said before, the daily, weekly, and monthly divergences will start to line up. As long as it didn't happen, the bullish momentum was and remains still here. Share your thoughts in the comment section below this video. Will we see 190, 195, 200 sometime soon? Let me know in the comment section. And the final one is the euro pound. One on one of the recent weekly forecasts, we were talking about a further bearish continuation with these rallies to go and to join the weekly bearish momentum. So here we are a bit after, right? Like couple of weeks after or so. The question is what's coming next? So if we go back to the weekly where it all started. We still have the structure of lower highs, lower lows, and at the moment it doesn't look like it's over, which makes me think this structure and this low should yet be completed. So from my point of view, for the longer view, the bearish momentum and the bearish pressure did not change, which means sell the rallies remains the trading plan. But we do need to pay attention to this Daily bullish divergence. While the market is making lower lows, the indicator MACD starts to make higher lows. And if we go to the four-hour chart, we can see how slowly, slowly it is rounding and creating these divergence, right? Which again brings the possibility that somewhere around the 0.85, maybe slightly lower, the market will try as we saw this zone. From the daily chart, the market will try to round up and make that correction. These corrections are very possible, of course, in the short term, and they could take us back to the broken support that acted as a resistance. We also have these major volume profile-based balance zone, and of course we have the major supply areas. Take a look at all these spikes and all these spikes here. Okay, major supply zones, sellers, sellers, sellers holding that, right? Any return to these zones should be, um, behaving or providing or building up further sell opportunities. My bearish view remains on at least as long the major high on the daily chart is holding, or at least as long as the structure did not change itself. At the moment, the bearish momentum is here, and despite these divergence, which yes, very possibly should bring some pullbacks and corrective structures, despite that, the weekly is still bearish, and I would not be surprised if at the end of the short-term rallies, euro pound will remain bearish. Share with us your thoughts in the comment section. I'm very interested to see what do you think will happen next with the euro pound. Should we break the 0.85 and take it all the way to 0.83, 0.80 maybe even, or it was just a trap and the price is about to change the direction and rally again to 0.87, maybe even further than that? Let me know in the comment section. That's pretty much it for this video. I hope you find value in it. If you did, please don't forget the like button. Few words in the comment section is great help. And also, I want to invite you to our trading family, the Home Trader Club, where you will get your access to our comprehensive trading courses, real-time trading opportunities, real-time trading education, live sessions on weekly basis, access to the community tools, and so much more. Join our family with the link below this video in the description. Thanks for your time watching. Best to you and yours. I'll see you soon with more. Good trading. Bye for now.