EUR/USD Weekly Forecast – 26 October – 30 October

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Friday, Oct 23 2015

Euro was pushed lower in the course of the last week going all the way to 1.10 handle. The main reason behind this fall are more dovish than expected ECB stanzas, including announcement of new stimulus measures in the future. Pair broke below all supportive points quite easily and if we see decisive break below 1.10 handle this trend is likely to continue. As for next week focus will shift

on US GDP data and FOMC. Pair should find some amount of support around 1.0930 level initially in the week, while area above 1.11 handle should now present a struggle since it was supportive for quite some time now. Long-term looking if wee break below 1.09 handle we would be more than willing to start selling this pair. With ECB announcing new stimulus measures and with Fed likely to raise its interest rates soon we expect that pair is likely to decline more, so buying is not an option at the moment. If we see break below 1.09 and 1.08 handle in extension we believe that next target is 1.05 handle from pair started recent rebound.

More in this category: « GBP/USD Weekly Forecast – 26 October – 30 October AUD/USD Weekly Forecast – 02 November - 06 November »

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