EUR/USD Weekly Forecast – 12 October – 16 October

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Friday, Oct 09 2015

Euro was pushed higher in the course of the last week though there were no major data releases. This incline was mostly influenced by latest NFP figures as well as dovish FOMC Meeting Minutes. Pair broke decisively above 1.13 handle and is now heading towards 1.15 handle. As for next week we would be more focused on US CPI, PPI and Retail Sales data. We believe that

pair is likely to find some amount of support around 1.13 handle initially in the week, as this area was previously quite resistive. On the other hand 1.15 handle is where pair is likely to face with significant amount of resistance and would consider short-term selling. Long-term looking, we believe that pair will head 1.15 handle, now when we have break above recent consolidation range, and if we break above this area we would consider that pair has changed the trend to the upside and would place larger buying bids. Selling is not an option at the moment as there is plenty of support all the way to 1.10 handle.

More in this category: « GBP/USD Weekly Forecast – 12 October – 16 October AUD/USD Weekly Forecast – 19 October – 23 October »

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