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EUR/USD Weekly Forecast - 29 June - 03 July

Friday, Jun 26 2015

After initial uptrend, euro found resistance above 1.1350 area, and pulled back all the way to below 1.12 handle, as Greek concerns persist, with no deal insight and further negotiations scheduled for Saturday. As for next week we would pay attention to Eurozone CPI and US NFP figures. Weaker than expected figures could push pair back to 1.1050 handle initially and then even 1.10 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 1.1250 handle but we expect significant amount of resistance above 1.13 area so this is where we would sell the pair. On a long-term basis, we would step aside from this market at the moment. We are still not interested in selling the pair as we believe that there is plenty of support even below 1.10 handle, however any larger buying bids are not an option as long as pair is below 1.15 handle. However, we believe that we will soon get clear signal of a trend as some kind of solution of Greek situation so it is likely that we will open the week with a great gap.

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