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EUR/USD Weekly Forecast – 06 July – 10 July

Friday, Jul 03 2015

After initial gap all the way to 1.0950 area, euro managed to rebound in the course of the week mostly due to SNB intervention in the markets, but with uncertainties surrounding Greek referendum results outlook in the pair remained bearish, with euro being unable to break decisively above 1.11 handle by the end of the week. There will be no major data releases next week so we can expect that Greek crisis will be in focus. Any type

of supportive candles around 1.0950 area would offer short-term buying opportunity, while resistive candles above 1.12 handle, especially 1.1250 area would be short-term selling signal. In long-term trends, we believe it is best to stay on the sidelines for this pair at the moment. Initial gaps at market reopening on Monday are quite likely so any larger bids are quite risky at the moment. However, we would not be sellers until we see break below 1.09 handle, while buying is not an option as there is plenty of resistance above there and until we see break above 1.15 handle we cannot say that trend has changed to upside.

Last modified on Friday, 03 July 2015
More in this category: « GBP/USD Weekly Forecast – 06 July – 10 July AUD/USD Weekly Forecast – 13 July – 17 July »

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