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First, a review of last week’s events:

EUR/USD. The basic forecast for this pair said that it would not only be able to fall to the year's low at the level of 1.1300 but would also probably break through this support and reach values in the area of 1.1200-1.1250. That was exactly what happened: the pair recorded the week's low on Monday, November 12, dropping to the level of 1.1215.

Then the market started to be ruled by Brexit. The news that the terms for the Great Britain exit of from the EU were finally agreed, pushed the European currency up, and by the end of Friday the pair had risen 200 points, ending the week session at 1.1415;

GBP/USD. The British currency first began to grow on the positive news about Brexit and even reached a height of 1.3070 on Wednesday. But then came the news of the resignation of a number of key ministers of the British government, who disagreed with the EU exit terms. The situation was aggravated by the rumors of a possible impeachment threatening the country's prime minister, Teresa May. As a result, the pound sterling literally fell down in a matter of hours dropping to the level of 1.2722. Then the situation calmed down a bit, and the pair rose to the zone of 1.2830, showing a week's volatility of 350 points;

USD/JPY. The divergence between the readings of the oscillators and the pair's quotes indicated the possibility of a downward trend. This scenario had also been supported by 45% of analysts, together with 40% of indicators and graphical analysis on H4. As a result, when there were only 35 points left to 2018 high, the pair turned south, easily overcame the support at 113.10 and finished the five-day period at 112.82;

Cryptocurrencies. What can one say? The market has collapsed. And it has done so to an extent that no one expected. Starting from Wednesday, it lost about 12% in capitalization, falling to $185 billion. We had called $6,100 as the lower limit of Bitcoin's fall last week. In reality, things turned out to be much worse: $5,430.

There is no unity among the experts when determining the cause of what had happened. The most popular version is the destabilizing effect of a hard fork (separation) of BCH (Bitcoin Cash) to two new coins, which frightened investors for further splitting the market. Although there is another version, no less viable, it is the massive triggering of stop losses when Bitcoin passed the $6,000-6,100 zone. Another reason is the sale off of US technology companies shares, which spread to the crypto market.

Ethereum (the ETH/USD pair) failed to break through the support of $170, followed by a rebound to the level of $185. Ripple (XRP/USD) briefly approached the horizon of 0.4140, and litecoin (LTH/USD) came close to 40.00, after which the market calmed down a bit, and these pairs played back about 8%.

 As for the forecast for the coming week, summarizing the opinions of a number of analysts, as well as forecasts made on the basis of a variety of methods of technical and graphical analysis, we can say the following:

EUR/USD. The pair reached the upper limit of the downward channel, which began almost two months ago, on September 24 this year. And despite the fact that both trend indicators and oscillators on D1 took a neutral position, about 70% of experts predict the pair to bounce from this border and to further go down. The nearest support is at 1.1300, the next one is 85 points lower, at the level of 2018 low, 1.1215.

An alternative scenario assumes the rise of the pair to the level 1.1450-1.1550. However, this is likely to be a temporary correction, after which the dollar will continue to grow and the pair will fall. The market is almost certain that in December the US Federal Reserve will raise the interest rate, after which there will be several more increases in 2019, which is a decisive factor for the further strengthening of the US currency;

GBP/USD. The future of this pair depends on the situation with Brexit. And the forecasts for the British currency are not the most comforting, despite the fact that the pound managed to play back its losses a little at the end of last week. A meeting of EU leaders on an agreement with the UK will be convened on November 25. But it is obvious that this week the pound will continue to be under pressure due to disagreements in the British government and to an unclear reaction of the British Parliament to what is happening. Taking these factors into consideration, 70% of analysts expect the pair to fall. The nearest support is in the 1.2700 zone, the next one is the 2018 low. at the level of 1.2660.

As for the further movement of the pair, according to 55% of experts, it will move in the side channel in the range of 1.2660-1.3200 with Pivot Point in the area of 1.2950 until the end of the year;  

USD/JPY. Concerning the future of this pair, the opinions of experts, as has often been the case lately, have split almost equally: 45% voted for the pair’s growth, 45% - for its fall, and 10% took a neutral position.

As for the indicators, the vast majority is colored red. However, almost 15% of the oscillators signal that the pair is oversold, which may indicate its upward correction.

As for the graphical analysis, it points to the growth to the level of 113.10 and the subsequent fall to the level of 111.85 on H4, and on D1 - a lateral movement in the channel 112.65-114.20;

Cryptocurrencies. At the moment there are two versions of the forecast: a neutral one and ... a very bad one.

The neutral forecast is most likely, when the market takes time out, trying to comprehend what happened last week and what consequences this may have. In this case, the top pairs will fluctuate in the range between the lows of the previous week and the highs of Friday, November 16.

The worst (from the bulls' point of view) scenario assumes that Bitcoin will move to the level of $5,000, after the breakdown of which, most likely, massive panic sales will begin, not only of the reference cryptocurrency, but also of most altcoins. In this case, it is possible that after some time we will see the bitcoin quotes around the support of $3,000.

EUR/USD dropped further to 1.1215 last week be recovered ahead of 1.1186 long term fibonacci level. For now such recovery is seen as a corrective move. Initial bias remains neutral this week and upside should be limited by 1.1499 resistance. On the downside, below 1.1270 minor support will turn bias to the downside for 1.1215 and then 1.1186. However, firm break of 1.1499 will indicate near term reversal and turn outlook bullish for 1.1814 resistance again.

In the bigger picture, down trend from 1.2555 medium term top has just resumed and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 resistance is now needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

In the long term picture, the rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516 argues that long term down trend from 1.6039 (2008 high) might not be over yet. EUR/USD is also held below decade long trend line resistance. Firm break of 61.8% retracement of 1.0339 to 1.2555 at 1.1186 should at least bring a retest on 1.0339 low.

USD/JPY's break of 112.94 support last week suggests that rebound from 111.37 has completed at 114.20 already. Fall from 114.20 is seen as the third leg of consolidation pattern from 114.54. Initial bias is now on the downside this week for 111.37 support and possibly below. But downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. On the upside, above 114.20 will resume the rise from 111.37 to test 114.54/73 key resistance zone.

In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

In the long term picture, the rise from 75.56 (2011 low) long term bottom to 125.85 top is viewed as an impulsive move, no change in this view. Price actions from 125.85 are seen as a corrective move which could still extend. In case of deeper fall, downside should be contained by 61.8% retracement of 75.56 to 125.85 at 94.77. Up trend from 75.56 is expected to resume at a later stage for above 135.20/147.68 resistance zone.

GBP/USD's fall from 1.3174 extended to as low as 1.2723 last week. But it recovered ahead of 1.2692 support. Initial bias is turned neutral this week first. Overall outlook is unchanged that price actions from 1.2661 are viewed as a consolidation pattern. Break of 1.2692 will bring retest of 1.2661 first. Firm break there will resume the larger down trend from 1.4376. On the upside, sustained break of 4 hour 55 EMA (now at 1.2932) could extend the consolidation with another rise. But even in case of strong rally, upside should be limited by 1.3316 fibonacci level to bring down trend resumption eventually.

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA. The structure and momentum of the fall from 1.4376 argues that it's resuming long term down trend. And this will be the preferred case as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. However, firm break of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. And, the eventual depth of the fall from 1.4376, and the chance of hitting 1.1946 low, will depend on the strength of the interim corrective rebound from 1.2661.

In the longer term picture, outlook in GBP/USD is held bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

USD/CHF edged higher to 1.0128 last week but retreated since then. Initial bias remains neutral this week first. Near term outlook stays bullish with 0.9952 support intact and further rally is in favor. On the upside, above 1.0128 will resume the whole rise from 0.9186 and target 1.0342 key resistance next. However, firm break of 0.9952 will indicate short term topping and bring deeper fall back to 0.9848 support first.

In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We'd be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading. However, break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we'll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

AUD/USD drew strong support from 55 day EMA and rebounded last week. Initial focus is back on 0.7314 resistance this week. Sustained break there will indicate medium term reversal. Further rally should be seen to 38.2% retracement of 0.8135 to 0.7020 at 0.7446 next. Nevertheless, failure to sustain above 0.7314, and break of 0.7164 support will retain bearishness and turn bias back to the downside for retesting 0.7020 low.

In the bigger picture, AUD/USD's decline from 0.8135 could have completed at 0.7020 already, ahead of 0.6826 key support (2016 low). Break of 0.7314 will confirm and bring strong rebound. But for now, we'd expect strong resistance from 0.7500 support turned resistance to limit upside. Medium term fall from 0.8135 should extend to take on 0.6826 low at a later stage.

In the longer term picture, the corrective structure of rebound from 0.6826 (2016 low) to 0.8135, and the failure to break 38.2% retracement of 1.1079 (2011 high) to 0.6826 at 0.8451, carry bearish implications. AUD/USD was also rejected by 55 month EMA. Now, the down trend from 1.1079 is in favor to extend. On break of 0.6826, next target will be 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507.

USD/CAD edged higher to 1.3264 last week but retreated sharply since then. However, the pair is staying inside near term rising channel, and well above 1.3056 support. Thus, there is no indication of reversal yet. Initial bias remains neutral this week first. As long as 1.3056 support holds, near term outlook remains bullish and further rally is expected. On the upside, break of 1.3264 will resume the rise from 1.2781 and target 1.3385 key resistance next. On the downside, however, break of break of 1.3056 will indicate near term reversal and turn outlook bearish.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

GBP/JPY's sharp decline last week suggests rejection by 149.70 resistance. Initial bias remains on the downside this week for 142.76 support first. Sustained break there will bring retest of 139.39/47 key support zone. On the upside, above 145.59 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead (116.83 as 2011 low).

EUR/JPY dipped to 126.63 last week but turned sideway since then. Initial bias is neutral this week first. As long as 130.14 resistance holds, deeper decline is now in favor in the cross. Below 127.49 will target 126.63 support first. Break there will resume whole fall from 133.12 and target 124.08/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

EUR/GBP's strong rebound from 0.8655 suggests near term reversal on bullish convergence in daily MACD. Initial bias stays on the upside this week first. Break of 0.8939 resistance will target 0.9098 next. On the downside, below 0.8779 minor support will turn focus back to 0.8655 instead.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.

In the long term picture, we're holding on to the view that rise from 0.6935 (2015 low) is resuming the up trend from 0.5680 (2000 low). Hence, after the consolidation from 0.9304 completes, we'd expect another medium term up trend through 0.9799 to 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.