EUR/USD Weeky Forecast – 04 January – 08 January

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Thursday, Dec 31 2015

Euro was traded in a tighter range in the course of the last week due to holiday season. However, after pair initially tested 1.10 handle as a resistance, it sharply pulled back and finished the week well below 1.09 handle. This is of course bearish sign, that indicates that pair could be heading towards low of recent consolidation range at 1.08 handle. Next week focus will be on Eurozone CPI data, FOMC Meeting Minutes and NFP report.

We believe that pair will initially steadier beginning of the week with a support around 1.08 handle, but in a case of a hawkish US report it is easily imaginable for us to see euro all the way to 1.07 handle. On the other hand, we do not believe in huge uptrends at the moment, so we would use any rallies as just another selling opportunity, with major resistance at 1.10 handle. Long-term looking, we would not place any larger bids as long as we are within consolidation range between 1.08 and 1.10 handle.

More in this category: « GBP/USD Weeky Forecast – 04 January – 08 January AUD/USD Weekly Forecast – 11 January – 15 January »

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