EUR/USD Weekly Forecast - 04 May - 08 May
Though there were no major data releases from Eurozone last week and despite Greek concerns persisting , euro broke decisively above 1.10 handle in the course of the week and finished it near 1.12 handle which indicates that long-term downtrend is stopped for the moment. As for next week we would pay attention to NFP figures. Weaker than expected figures could push pair even further up. We expect initial resistance around
1.1250 handle and then 1.13 area in extension. On the other hand, better than forecasted data would push pair back to 1.1050 handle. Long-term looking, pair is certainly not in downtrend so we have no interest in selling the pair at the moment. 1.10 handle should offer plenty of support since this area was major resistance previously. However, with plenty of resistive points all the way to 1.15 handle we believe it is best to stay on the sidelines at the moment.
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