EUR/USD Weekly Forecast – 14 December – 18 December

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Friday, Dec 11 2015

After it initially fell in the week, testing 1.08 handle as a support, euro managed to rebound by the end of the week, in order to finish it around 1.10 handle. However, this area, especially 1.1030 level is still quite resistive so we cannot talk about change in a trend. Also, traders are being cautious ahead of next week's Fed rate decision.

With that being the case we believe that pair is likely to find support around 1.09 handle initially in the week, while we can expect resistance above 1.11 handle if we see break above 1.1050 area, so these would be our short-term buying and selling points. Second part of the week, will mostly depend on Fed and its decision but we are sure we can expect quite a bit of volatility. Long-term looking, if we see decisive break above 1.11 handle we would be buyers for this pair as we believe it would then head towards 1.14 handle as next target. We have no interest in selling the pair until we see break below 1.0750 handle. However, we would avoid placing any larger bids in any direction ahead of Fed.

More in this category: « GBP/USD Weekly Forecast – 14 December – 18 December AUD/USD Weekly Forecast – 21 December – 25 December »

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