EUR/USD Weekly Forecast – 07 December – 11 December
Euro was pushed higher in the course of the last week, after ECB failed to meet market expectations considering extension of further monetary stimulus. Pair was initially pushed lower during the week but 1.05 handle managed to hold all pressures and after ECB pair bounced all the way to 1.09 handle. This is where we can expect that pair will struggle a bit since this was a bottom of recent uptrend line. With no major data releases next week, pair is likely to consolidate a bit after this huge incline.
We believe that 1.10 handle will offer some amount of resistance, since it is round and psychologically important figure. On the other hand we expect that 1.08 handle will offer some amount of support as this area proved to be both supportive and resistive in the past. On a long-term basis, we would sit at the sidelines at the moment, until we get more clear picture, which means either break above 1.10 handle which would lead towards 1.12 handle or break below 1.0750 area which would indicate return to 1.05 handle.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419