EUR/USD Weekly Forecast – 21 December – 25 December

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Friday, Dec 18 2015

Euro was pushed lower in the course of the last week. The decline was mostly due to Fed's decision to rise interest rates. However, following Statement was quite dovish, so USD gains were limited. Pair found support around 1.08 handle, and thus, remained within recent consolidation area between 1.08 and 1.1050 level. We can expect less volatile next week which will mostly be marked with holiday season trading so we cannot expect any larger movements, though holiday trading can sometimes bring surprised.

At the sight of resistive candles around 1.0950 handle is where we would, at the moment, consider selling the pair. On the other hand, supportive candles around 1.08 level and 1.0750 in extension should offer short-term buying opportunity. Long-term looking we are far from buying this pair and believe that it will head towards 1.05 level, given enough time, and of course if we see break below recent lows at 1.08 handle. Buying is not an option as long as we are below 1.11 handle.

More in this category: « GBP/USD Weekly Forecast – 21 December – 25 December AUD/USD Weekly Forecast – 28 December – 01 January »

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