EUR/USD Weekly Forecast – 03 August – 07 August

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Friday, Jul 31 2015

After it was initially pushed higher, testing 1.11 handle as a resistance, euro pulled back in the course of the last week especially after FOMC Statement. However, 1.09 handle offered plenty of support with euro rebounding and going back to 1.10 handle. Focus of the next week will be on US job figures. We believe that pair will find significant amount of support around 1.09 handle so this would be our short-term buying point, while

area above 1.11 level should continue to be resistive so this is where we would sell the pair in short-term trends. In long-term trends, we believe that euro is stuck in consolidation between 1.08 handle and 1.12 handle, so we are not interested in placing any larger bids at the moment. However, we believe that pullbacks should offer nice buying opportunity. Selling is not an option at the moment.

More in this category: « GBP/USD Weekly Forecast – 03 August – 07 August AUD/USD Weekly Forecast – 10 August – 14 August »

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