EUR/USD Weekly Forecast – 17 August – 21 August
After it initially tested 1.09 handle, euro managed to strongly rebound in the course of the last week going all the way to 1.12 handle, though there were no major data releases from Eurozone. This incline was mostly result of a weakening yen but also due to fact that Eurozone crisis surrounding Greece seems to be behind euro. As for next week we do not expect huge movements since there will be no major data releases.
Pair is likely to find support around 1.10 handle as this is rather neutral value and resistance above 1.1250 area, so this where we would consider short-term selling. Long-term looking, though we have seen break above 1.11 handle, we would first like to see break above 1.1250 area before placing any larger buying bids. If we actually do see this break, pair is likely to head towards 1.14 handle. Selling is not an option at the moment, as there is plenty of support for euro all the way to 1.08 handle, with 1.10 handle as a neutral value.
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