EUR/USD Weekly Forecast - 01 June - 05 June

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Saturday, May 30 2015

After it was in initially pushed lower in the course of the last week euro managed to find area below 1.0850 handle to be supportive at the moment and managed to rebound by the end of the week, which was less eventful, in order to test 1.10 handle as a resistance. We recognize that there is a plenty of resistance between here and 1.12 handle and therefore we have no interest in buying this pair, at least on a long-term basis. We would

wait for some type of clear signal in order to start get involved into the market. Next week we would be focused on ECB's Press Conference and US NFP figures. We believe that pair will find some amount of support around 1.09 handle initially and 1.0850 area in extension so these would be our short-term buying points, while we expect plenty of resistance above 1.10 handle, so we would consider short-term selling around 1.1050 and 1.1130 level. In long-term trends, we would not get involved into this market, until we get either decisive break above 1.10 handle or below 1.08 handle. However, at the moment we are more bullish than bearish for this pair.

More in this category: « GBP/USD Weekly Forecast - 01 June - 05 June AUD/USD Weekly Forecast - 08 June - 12 June »

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