Week ahead – EUR pairs – Will they retrace?

Good Sunday to everyone. It is time to focus on an upcoming week. In terms of technicals I have few pairs I would like to discuss here. My main focus is on EURCHF/EURGBP/EURUSD. They all have something in common. Something what might suggest that we are getting to the phase of retracement (or not)? There is several reasons why I am saying that. Let's focus on EURGBP as a prime example of what we might expect in the upcoming week. It has gained about 670pips in last 7 weeks without any major retracement. Looking at the weekly charts there are several reasons why we might be interested in shorting this pair. Here they are:

• EURGBP is hovering around weekly down trendline
• EURGBP is hovering around two important SMA's 50 & 100
• EURGBP is  at the 50% retracenement level = need for retrace?
• Bearish weekly candle?

On the other hand we have to look on the both sides of the direction. Monthly chart still looks bullish and the trade itself has the potential to rise another few hundred pips to 09000 level and finish there the W length projection. More technicals are on the side of the bearish move at least for now. I will be watching this pair closely and daily close below 08700 will be analyzed accordingly. For other pairs and possible directions see image gallery below and have a great trading week.