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EUR/USD Weekly Forecast – 13 July – 17 July

Friday, Jul 10 2015

After it initially fell due to concerns caused by Greek ''No“ vote on the referendum, by the end of the week euro managed to rebound as Greek government submitted new reform proposal. However, the deal has not been made yet, with Greek creditors discussing proposal over the weekend, so depending on their decision we can expect gap at the opening of the market on Monday. However, we believe that pair has plenty of

support all the way to 1.09 handle, so we are not interested in long-term selling, and would buy this pair every time it pullbacks as it proved that there is plenty of bullish pressure despite all recent concerns. In short-term trends we expect some amount of support around 1.1050 level, initially, and 1.10 handle in extension, so this is where we would consider short-term buying, while above 1.1250 handle we can expect first major resistance and would put our short-term selling bids. Long-term looking, we believe that pair could go to 1.14 handle where we expect major resistance, but given enough time it could even broke above 1.15 handle which would mark serious shift in the trend.

More in this category: « GBP/USD Weekly Forecast – 13 July – 17 July AUD/USD Weekly Forecast – 20 July – 24 July »

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