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EUR/USD Weekly Forecast – 23 November – 27 November

Friday, Nov 20 2015

Euro found support around 1.0620 level during the last week, and was pushed higher after a bit dovish FOMC Meeting Minutes, but pair did not manage to remain above 1.07 handle and pulled back by the end of the week. Next week focus will be on US data.  We believe that pair will find some amount of support around 1.0580 level initially next week and resistance above 1.07 handle, so these would be our short-term buying and selling points.

Long-term looking, 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. At the moment we believe that next target is 1.05 handle which is next major supportive point on long-term charts, but there is a possibility that pair will go even lower than that.

More in this category: « GBP/USD Weekly Forecast – 23 November – 27 November AUD/USD Weekly Forecast – 30 November - 04 December »

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