EUR/USD Weekly Forecast - 20 April - 24 April
After initial decline euro managed to rebound in the course of the last week, mostly due to weaker than expected US data as there were no important events from Eurozone. With no major data releases next week as well we can expect a bit of consolidation. We can expect some short-term support around 1.0650 handle, but this is not major supportive area for this pair and could work only initially in the week. Above 1.0850
handle and 1.09 in extension there is plenty of resistive points that should offer short-term selling opportunity. Long-term looking pair, this rebound should end soon, given economic state of Eurozone, and pair is likely to head once again towards 1.05 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 as soon as it reaches of the main resistive points.
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