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EUR/USD Weekly Forecast – 30 November - 04 December

Friday, Nov 27 2015

It was a steadier week for euro, as there were no major data release so pair was traded between 1.0670 level as high and 1.0570 level as week's lows. By the end of the week there was also lack of volatility as US banks were being closed in observance of Thanksgiving holiday. Next week should bring a lot of volatility with focus on US NFP figures and in particular ECB Meeting. Recent comments from ECB officials indicate that we could be seeing further stimulus measures which would bring further decline to euro.

On a short-term basis we can expect that pair will find support around 1.0550 and 1.05 handle so these would be our short-term buying points, while area above 1.0670 level and in a case of a larger rebound 1.0730 area would offer short-term selling opportunity. On a long-term basis buying is not an option at the moment, as we believe that pair is heading towards its next major support at 1.05 handle. If we see break below this area this would mean even further decline with pair heading towards parity level given enough time. 

More in this category: « GBP/USD Weekly Forecast – 30 November - 04 December AUD/USD Weekly Forecast – 07 December – 11 December »

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