EUR/USD Daily Forecast – 07 December

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Friday, Dec 04 2015

After sharp incline on Thursday, euro spent most of the Friday's session going back and forth with 1.0850 level as a support and area above 1.0950 handle offering some amount of resistance at the moment. Despite rather good NFP figures, euro after initial decline quickly rebounded which indicates how strong it is at the moment. With no major data releases on Monday, markets will still be weighing on ECB stanzas and NFP report.

We believe that pair is likely to find some amount of support 1.0850 level, which was Friday's low so this is where we would consider buying the pair and resistance near 1.0950 level initially and 1.10 handle as this is important resistance. Long-term looking, selling is not an option at the moment, while we would wait for a break above 1.10 handle before placing any larger buying bids.

More in this category: « GBP/USD Daily Forecast – 07 December AUD/USD Daily Forecast – 08 December »

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