EUR/USD Weekly Forecast - 02 March - 06 March

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Friday, Feb 27 2015

Euro finally broke lower in the course of the last week, breaking even below 1.12 handle. Though there were no major data releases from Eurozone, euro was pulled back by better than forecasted US readings. As for next week we would be focused on ECB Press Conference and US NFP figures.

Short-term looking, pair could find support around 1.11 handle, since this was support from a month before, while we now expect some amount of resistance above 1.1270 area that offered support for the past few weeks. Long-term looking we have no interest in buying this pair and believe that any type of resistive canldes would offer nice selling opportunity. Pair is now likely to head towards 1.11 handle and then possibly even lower to 1.10 handle.

More in this category: « GBP/USD Weekly Forecast - 02 March - 06 March AUD/USD Weekly Forecast - 09 March - 13 March »

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