EURUSD: Weekly Forecast 22nd August 2021

FX:EURUSD   Euro / U.S. Dollar
EURUSD had another bearish week right after a short recovery from the week before, essentially breaking new low again.

While reviewing our past weekly forecast, it actually followed an ABCD pattern based on the weekly timeframe and shall be completed this week should the price drops further into the demand level at 1.16.

The dollar has been strengthening weeks before the Fed has turned hawkish where it now stands ready to taper this year, thus potentially bring about a reverse effect when it does taper.

This week, we shall follow the current trend and look for selling opportunity starting from 1.1710 supply level , and aiming for the demand level at 1.16.

Otherwise, we will be observing for a clear reversal signal as an ABCD in the weekly timeframe completes at 1.16.