EUR/USD Weekly Forecast - 16 March - 20 March
Euro fell sharply down during the last week stopping itself just at 1.05 handle. However, we believe that this is only a minor support area for euro and that we could see a further downtrend in the week to come. There will be no major data releases from Eurozone, but markets will be focused on FOMC interest rate decision and the following Press Conference.
We can expect some short-term support around 1.04 handle, but this is not major supportive area for this pair and could work only initially in the week. Above 1.06 handle there is plenty of resistive points that should offer short-term selling opportunity. Long-term looking pair is likely to head towards parity level, where we can expect first major support since this is round and psychologically important figure. Buying is not an option at the moment as euro will most certainly loose on its value further more.
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