EUR/USD Weekly Forecast - 15 June - 19 June
Euro break initially during the last week and went all the way to 1.14 handle, but with concerns surrounding Greek debt negotiations and with this area being quite resistive pair pulled back to 1.12 handle, though it by the end it managed to rebound and once again indicate possibility of a break higher. With no major data releases from Eurozone next week, we would pay more attention to US data, with focus on FOMC interest rate
decision and following statement. Pair is likely to find support around 1.1150 level, initially in the week, and 1.11 handle in a case of a larger decline so these would be our short-term buying points. On the other hand, we expect resistance near 1.14 handle so this is where we would place our short-term selling bids. On a long-term basis we believe that pullbacks will offer buying opportunity, since pair has potential of breaking above 1.14 handle and even testing 1.15 handle especially when Greek debt crisis finally comes to conclusion. Selling is not an option as long as we are above 1.10 handle.
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