EUR/USD Weekly Forecast – 20 July – 24 July
Euro spent most of the last week in decline , despite deal between Greek and its creditors going all the way to below 1.09 handle at a weekly closing which indicates that we could be seeing further downtrend next week. However, with no major data release it should be a steadier week in which pair is likely to find initial support around 1.08 handle, though once we see decisive break below 1.0850 handle we have no doubt that pair
could be going much lower. On the other hand, we expect that area above 1.0930 level and 1.0980 in extension, would offer some amount of resistance, since these were previous supportive points. In long-term trends we have no interest in buying euro at the moment as it seems quite weak, and with a lot of bearish potential for a downtrend even possibly to 1.05 handle given enough time. We must bare in mind fact that Fed is close to rate hike which would put under significant pressure. Buying is not an option until we see decisive break above 1.1250 area which does not seem very likely at the moment.
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