EUR/USD Weekly Forecast – 31 August – 04 September
It was quite volatile week for euro though there were no major data releases. Pair was initially pushed all the way to 1.17 handle due to fall on Asian stock markets and speculations on Fed's rate hike delay. However, by the end of the week, euro gave up all the gains and pulled back all the way to below 1.12 handle. As for next week we expect plenty of volatility with the focus on ECB and NFP figures. Pair is likely to find short-
term support around 1.1050 level and resistance above 1.13 area so these would be our short-term buying and selling points. In long-term trends, we are not interested in buying this pair until we see decisive and more sustained break above 1.15 handle, but with Fed rate hike coming in next few months and with possibility that ECB will have to add additional stimulus to the markets, we are not overly enthusiastic for euro. We do believe that it will tests 1.10 handle as a support given enough time.
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