EUR/USD Weekly Forecast - 30 March - 03 April
Euro extended its gains during the last week, testing 1.10 handle few times. However, this area proved to be too resistive for this pair at the moments, so in the end pair finished the week around 1.09 handle. As for next week we would pay attention to Eurozone CPI and US NFP figures.
Weaker than expected figures could push pair back to 1.08 handle initially and then even 1.07 area in extension so this is where we would consider short-term buying. On the other hand, better than forecasted data would once again lead to 1.10 handle but we expect significant amount of resistance above 1.1050 area so this is where we would sell the pair. Long-term looking, despite this rebound, we are still bearish for this pair. We believe that there an overall weakness in Eurozone economy and therefore pair should resume its downtrend with initial target at 1.05 handle.
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